How much can I save by switching to an electric vehicle?

There are a lot of variables involved, but on average you can save about $900 each year by switching to an electric vehicle, and that only includes the cost of fuel! If your car gets 25 MPG you can expect to save about $900 per year in fuel costs by driving electric, though the exact number will depend on where in the US you live.

How can I get that $900?

The factors involved are the cost of gasoline near you, the cost of electricity, your current vehicle’s fuel economy, and how many miles you drive each year. But here is a simple way to look at it.

If you drive a vehicle that gets 25 MPG (average in the US) then each time you drive 100 miles you’ll use 4 gallons. At $3/gallon, you’ll spend $12 to drive those 100 miles.

Let’s say you instead drive an electric vehicle, it will only cost you under $4 to drive those 100 miles depending on the cost of electricity in your area. That means that you’ll save over $8 in fuel costs each time you drive 100 miles, so you can save hundreds each year by switching to an EV!

My car gets 40 MPG, will I still save money by getting an EV?

Absolutely you will. Driving a car that gets 40 MPG is great, and you already know that you have fewer visits to the pump. But even a fuel-efficient car like that will be more expensive to operate than an electric vehicle. On average, you should expect to save almost $400/year by switching to an electric car even if your vehicle gets 40 MPG.

The only state where this is not true is Alaska because gasoline prices are the lowest in the country and electricity prices are the 2nd highest in the country.

Don’t forget about maintenance costs

Not only is the fuel cost of driving an electric vehicle much lower than driving a standard gasoline vehicle, but you also save lots of money on maintenance costs. Remember having to change your oil? Electric vehicles don’t have that. How about your air filter? Nope!

With an EV, just plug it in at home and change the tires. It could not be easier!