Frequently Asked Questions
How much do you save per year driving an EV?
At 12,000 miles per year with home charging at $0.14/kWh and 3.5 mi/kWh efficiency versus a 28 MPG gas car at $3.50/gal, an EV saves about $950 per year in fuel alone. High-mileage drivers (20,000+ miles/year) can save $1,500-$2,500 annually. Lower gas prices or higher electricity rates narrow the gap.
Is an EV cheaper to own over 5 years including purchase price?
Often yes, once federal and state tax credits are applied. A $7,500 credit on a $5,000 price premium means the EV is roughly equivalent in purchase price, and 5 years of fuel savings of $4,000-$5,000 make total ownership cheaper. This varies widely by model, region, and driving habits.
What electricity rate should I use?
Use your actual residential electricity rate, found on your utility bill (typically $0.10-$0.20/kWh in the US). If you plan to charge on time-of-use rates, use your off-peak rate. If you will rely on public charging, use a weighted average of home and public rates based on your expected charging mix.
Does this calculation apply to plug-in hybrids?
Yes, with modification. A PHEV uses electricity for the first 20-50 miles of each trip and then gasoline. Calculate the EV portion using electric cost and the gas portion using fuel cost, weighted by how much of your daily driving falls within the electric range. Many PHEV owners never buy gas for short daily commutes.
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Important Disclaimer: Estimates for informational purposes only.
This calculator provides estimates for informational purposes only. Results are based on assumptions and may not reflect actual outcomes. Consult qualified professionals in relevant fields before making important decisions based on these results.