Switching to an electric vehicle (EV) can lead to significant fuel savings compared to traditional gasoline-powered vehicles. Want to know how much you could save? Here’s how to calculate it.
Electricity vs. Gasoline
- Electricity Costs: The cost of electricity varies by location and time of use, but it is generally cheaper than gasoline. On average, charging an electric vehicle can cost around $0.16 per kilowatt-hour (kWh).
- Efficient electric vehicles can get up to 100 miles on just 25 kWh. At .25 kWh/mile and $.16/kwh the cost per mile for an EV is just $.04.
- Gasoline Costs: Gasoline prices fluctuate based on location and the global oil markets and tend to be higher per mile driven compared to electricity.
- The average US cost per gallon in June 2024 is $3.47 per gallon, and with an average fuel economy of 25 miles per gallon, the cost is approximately $0.14 per mile.
EV Fuel Savings Calculation
To calculate fuel savings, use the following equation:
Savings = (Gasoline Cost per Mile − Electricity Cost per Mile) × Miles Driven per month
For example, if the gasoline cost per mile is $0.14, the electricity cost per mile is $0.04, and you drive 1,000 miles per month:
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Home Charging Savings vs. Public Charging Savings
- Home Charging: Charging at home typically costs less than using public charging stations. Home electricity rates are often lower, and overnight charging can take advantage of off-peak rates.
- Public Charging: Public charging stations, especially fast chargers, can be more expensive. However, they are convenient for long trips and urban areas where home charging is not available.
