EV Savings Calculator
An EV savings calculator helps you compare fuel costs and electric charging costs in seconds. It shows how much money you can save by switching to an electric vehicle. Use this tool to make smart, cost-effective driving decisions.
EV Savings Calculator
How to Use the EV Savings Calculator
Follow these quick steps to calculate your potential savings when switching from a fuel vehicle to an electric car:
- 1Select Calculation Period: Choose whether you want to calculate monthly or yearly savings.
- 2Enter Driving Distance: Input the total distance you drive (in miles or kilometers) during the selected period.
- 3Enter Fuel Efficiency: Input your current gasoline or diesel vehicle's fuel economy (in MPG or km/L).
- 4Enter Fuel Price: Input the average local fuel price (per gallon or per liter) from your local gas station.
- 5Enter EV Efficiency: Input the energy consumption rating of your EV (in kWh per mile or kWh per km).
- 6Enter Electricity Cost: Input your local electricity rate per kWh from your utility bill.
- 7Click Calculate: Instantly view your total estimated savings alongside fuel and electric costs.
How to Calculate EV Savings (Step-by-Step Guide)
Calculating your fuel savings manually helps you evaluate the financial return of purchasing an electric car. Sizing savings requires determining your driving distance, fuel efficiency, gasoline prices, electricity rates, and electric vehicle efficiency.
Real-Life Calculation Scenarios
Scenario A: Standard US Commute (Miles): A driver travels 1,200 miles per month. Their current gasoline sedan averages 30 MPG, and gasoline costs $3.60 per gallon. The electric vehicle they are considering averages 3.5 miles per kWh (or 0.286 kWh/mile), and home electricity costs $0.15 per kWh: Monthly Gasoline Cost = (1,200 miles / 30 MPG) * $3.60 = $144.00 Calculating the electric vehicle charging cost for the same distance: Monthly EV Energy Cost = 1,200 miles * 0.286 kWh/mile * $0.15 = $51.48 Subtracting the EV charging cost from the gasoline cost yields the net savings: Monthly Driving Savings = $144.00 - $51.48 = $92.52 This represents an annual fuel savings of over $1,110.
Scenario B: Metric Commute (Kilometers): A driver in Europe travels 1,500 km per month. Their current gasoline car averages 15 km per Liter (or 6.67 L/100km), with fuel priced at €1.80 per Liter. Their EV consumes 0.18 kWh per km, and home electricity costs €0.30 per kWh: Monthly Gasoline Cost = (1,500 km / 15 km/L) * €1.80 = €180.00 Calculating the electric vehicle cost: Monthly EV Energy Cost = 1,500 km * 0.18 kWh/km * €0.30 = €81.00 Subtracting the EV cost yields the monthly savings: Monthly Driving Savings = €180.00 - €81.00 = €99.00 Switching to an EV cuts energy costs in half.
Step-by-Step Manual Calculation Formula Guide
- Gasoline / Diesel Fuel Cost Formula: Sized based on distance and fuel economy:
Gasoline Cost = (Distance / Fuel Economy) * Fuel Price
- Electric Vehicle Energy Cost Formula: Calculated using consumption efficiency:
EV Cost = Distance * EV Consumption Rate * Electricity Price
Note: If EV efficiency is given in miles/kWh, the consumption rate is 1 / efficiency (e.g. 1 / 3.5 = 0.286 kWh/mile).
- Net Fuel Driving Savings Formula: The difference between fuel expenses:
Net Savings = Gasoline Cost - EV Cost
EV Savings Conversion Chart
Reference estimated costs and savings based on monthly driving distance (calculated using 30 MPG / 15 km/L fuel efficiency, $3.60/gallon or $1.20/L fuel price, 3.5 miles/kWh or 0.18 kWh/km EV efficiency, and $0.15/kWh electricity cost):
| Distance (Miles/km) | Fuel Cost ($) | EV Cost ($) | Monthly Savings ($) |
|---|---|---|---|
| 500 | $60.00 | $21.43 | $38.57 |
| 1,000 | $120.00 | $42.86 | $77.14 |
| 1,200 | $144.00 | $51.43 | $92.57 |
| 1,500 | $180.00 | $64.29 | $115.71 |
| 2,000 | $240.00 | $85.71 | $154.29 |
Gas vs Electric Car Savings Calculation
Calculating the savings between gasoline and electric cars requires sizing the total energy cost for a set distance. Recharging an EV at home is significantly cheaper than refilling a gasoline car, helping drivers save hundreds of dollars in running costs every month.
Gas vs Electric Car Cost Per Mile
Evaluating cost per mile highlights the difference between fuels. A standard gasoline car averaging 30 MPG at $3.60/gallon costs 12.0 cents per mile. An EV averaging 3.5 miles/kWh at $0.15/kWh costs just 4.3 cents per mile, making it the more economical choice.
EV Cost Per Mile
Sizing EV cost per mile involves multiplying the vehicle's energy consumption (kWh per mile) by your domestic electricity tariff. For example, an EV consuming 0.28 kWh per mile at a home rate of $0.15/kWh operates at a cost of only 4.2 cents per mile.
PG&E EV Savings
In California, PG&E provides dedicated time-of-use (TOU) rates designed for electric vehicle owners. Switching to the EV2-A tariff and scheduling charging sessions for off-peak hours (midnight to 3:00 PM) lowers electricity rates, maximizing your overall savings.
Gas Savings vs Hybrid
While hybrid vehicles improve fuel economy to 50 MPG, reducing fuel costs to roughly 7.2 cents per mile, they still rely on gasoline. Full electric vehicles charged at home remain the most economical option, offering the lowest running costs and the highest lifetime energy savings.
Gas vs EV Cost
Comparing gasoline cars and electric vehicles goes beyond fuel savings. Electric vehicles lack combustion engines, eliminating oil changes, spark plug replacements, and exhaust system servicing. This reduces routine maintenance costs by roughly 40% over the life of the car.
EV Miles Per kWh
EV efficiency is measured in miles per kilowatt-hour (kWh), indicating how far the vehicle travels on one unit of electrical energy. Sizing your range is as simple as multiplying battery capacity by efficiency, where most modern passenger electric vehicles achieve 3.0 to 4.0 miles per kWh.
FAQs About EV Savings
Yes. Electric vehicles are much cheaper to run because electricity is less expensive than gasoline per mile, and electric drivetrains convert over 77% of grid energy into motion, compared to only 12% to 30% for internal combustion engines.
Calculate EV efficiency by dividing the total distance traveled by the total kilowatt-hours (kWh) consumed during the trip. This value is expressed in miles per kWh or kWh per 100 km/miles depending on the region.
The primary drawbacks include a higher upfront purchase price, longer refueling times compared to gas fill-ups, driving range reduction in cold weather, and reliance on public charging networks for long-distance trips if home charging is unavailable.
While high gas prices make EVs more appealing, buyers are often held back by high vehicle interest rates, concern over public fast-charging reliability, and the upfront cost barrier of EVs, which keeps many drivers in combustion vehicles.
Modern electric vehicles are designed to last 15 to 20 years or 200,000 miles. Most manufacturers provide battery warranties covering 8 years or 100,000 miles, guaranteeing at least 70% of the original battery capacity remains.
Yes. Replacing an EV battery pack outside of warranty currently costs between $5,000 and $15,000 depending on the battery capacity and vehicle manufacturer. However, battery replacements are rare, and battery prices continue to decrease.
Yes. Used EVs offer excellent value because they depreciate faster than gas cars, and many still have remaining battery warranties. Buyers should always check the battery State of Health (SoH) via OBD diagnostic tools before purchasing.