With the cost of gasoline always on the rise, many people are looking for ways to save money on their transportation costs. One option that is becoming more popular is driving an electric car. Electric cars have many advantages over traditional gasoline-powered cars, including being cheaper to operate and maintain and being better for the environment.
If you’re thinking of making the switch to an electric car, you’re probably wondering how much money you can expect to save. In this blog post, we’ll walk you through a step-by-step guide on how to calculate the cost savings of driving an electric car. We’ll also examine some of the different factors that can influence your savings.
Understanding the Benefits of Driving an Electric Car.
Electric vehicles have many advantages over gasoline cars. They’re cheaper to operate and maintain, they emit no pollutants, and they have a smaller environmental impact than gas cars.
Electric vehicles are also more efficient than gas cars. Gasoline cars typically have an efficiency of about 20-30%, while electric vehicles can be as high as 90% efficient. This means that electric vehicles use less energy to travel the same distance as a gas car.
Cost Savings of Driving an Electric Car.
Electricity is cheaper than gasoline, so driving an electric car will save you money on fuel costs. In addition, electric cars don’t require oil changes or other routine maintenance, so you’ll save money there as well. Electric cars also have lower emissions than gas cars, so you’ll be doing your part to help the environment when you drive one.
Calculating the Cost Savings of Driving an Electric Car.
To calculate the cost savings of driving an electric car, you first need to determine the annual cost of owning and operating an electric vehicle. The total cost includes the purchase price, depreciation, taxes and fees, maintenance and repair, fuel, and other ownership costs.
There are a number of ways to estimate the annual cost of an electric vehicle. One way is to use the U.S. Department of Energy’s Fuel Economy Calculator. This calculator will estimate your vehicle’s annual fuel costs based on your average miles driven per year, your vehicle’s fuel efficiency, and the current price of gasoline or electricity.
Another way to estimate the annual cost of an electric vehicle is to use a tool like Edmunds True Cost to Own® (TCO®). This tool takes into account all of the factors that go into owning a car, including depreciation, taxes and fees, insurance, financing, maintenance and repairs, fuel costs, and more.
Comparing the Cost to a Conventional Gasoline Vehicle.
Once you have estimated the annual cost of an electric vehicle, you can compare it to the annual cost of a conventional gasoline vehicle with similar features. For example, let’s say you are looking at two sedans – one electric and one gasoline – that both have a starting price of $30,000. The electric sedan has an estimated range of 200 miles per charge and an EPA-estimated efficiency rating of 100 MPGe (miles per gallon equivalent). The gasoline sedan has an EPA-estimated efficiency rating of 30 MPG.
If you drive 15,000 miles per year and gas prices are $2.50 per gallon, your annual fuel costs for the gasoline sedan would be $3,125 ($2.50 x 12 gallons per fill-up x 25 fill-ups). If you use electricity at $0.12 per kWh (kilowatt hour), it would cost $540 to charge your electric sedan for 15,000 miles ($0.12 x 90 kWh = $10.80 per charge x 25 charges = $270 per year). So even if you include the higher upfront cost of the electric sedan ($7,500 more than the gasoline sedan), your total annual costs would be lower for the electric car – $8595 compared to $11120 for the gasoline car.*
Calculating Your Electric Vehicle’s Savings .
Now that you know how to calculate To calculate your potential savings from driving an electric car , first find out how much money you currently spend on gas each month . Then , using either method from Section 2 . 1 or 2 . 2 above , find out how much it would cost you to drive an EV for one month . Subtract your monthly EV expenses from current monthly gas spending figure ; this difference is monthly savings from driving EVs . Finally , multiply monthly savings by 12 ; this final figure is yearly savings from driving EVs.
Examining Different Factors That Influence Your Savings.
In order to estimate how much money you will save by driving an electric car, you need to first analyze your average driving habits. How many miles do you typically drive in a week? What is the average cost of gasoline in your area? Do you frequently take long road trips?
By understanding your typical driving habits, you can get a better sense of how an electric car would fit into your lifestyle. For example, if you only drive a few miles each week, then the cost savings of an electric car might not be as significant. However, if you frequently take long road trips, then an electric car could help you save money on gasoline costs.
Calculating the Cost of Charging an Electric Vehicle.
Electricity rates vary depending on where you live, but they are typically cheaper than gasoline prices. To calculate the cost of charging an electric car, you need to know the battery size (in kWh) and the electricity rate in your area. For example, let’s say that you have a 60 kWh battery and live in California with an electricity rate of $0.20 per kWh. It would cost $12 to charge your car from empty to full.
Now that you know how to calculate the cost of charging an electric car, let’s compare it to the cost of gasoline. The average price of gasoline in the United States is $2.60 per gallon. If we assume that a gallon of gasoline contains 33 kWh of energy (this is called the “energy equivalence”), then the cost of gas would be $0.08 per kWh. This means that it is cheaper to charge an electric car than it is to buy gasoline by about $0.12 per kWh – or about six times cheaper!
Finding Incentives that Can Lower the Cost of an Electric Vehicle.
There are a number of incentives that can lower the cost of an electric car, such as tax credits, rebates, and discounts on charging equipment. The federal government offers a tax credit of up to $7,500 for the purchase of an electric car. Some states also offer additional incentives, such as California’s Clean Vehicle Rebate Program which offers up to $5,000 in rebates for the purchase or lease of an eligible electric car.
In addition to government incentives, there are also a number of private discounts and programs that can lower the cost of an electric car. For example, many utilities offer discounts on home charging equipment and some employers offer workplace charging stations. There are also a number of apps and websites that can help you find the cheapest electricity rates in your area.
By taking advantage of these incentives, you can significantly lower the cost of an electric car and maximize your savings.
Electric cars have many advantages over gasoline cars. They’re cheaper to operate and maintain, they emit no pollutants, and they have a smaller environmental footprint. If you’re considering making the switch to an electric car, it’s important to understand how much you can save by doing so.
The cost savings of driving an electric car depend on a number of factors, including your average driving habits, the cost of charging your vehicle, and any incentives or rebates that are available. In general, though, you can expect to save hundreds of dollars per year by switching to an electric car.
If you’re interested in saving money and reducing your environmental impact, switching to an electric car is a great option. Use our calculator to see how much you could save, and then talk to your local dealer about available incentives in your area.