FOR IMMEDIATE RELEASE
Wednesday, August 14, 2024
Contact: media@coltura.org
New Coltura analysis reveals EV drivers save big on fuel costs in all 50 states
SEATTLE, WA— A new quarterly analysis and interactive data tool from Coltura challenges the narrative that electric vehicles (EVs) are more expensive to operate than gas-powered cars. The latest data, covering the second quarter of 2024, shows that EV drivers in all 50 states enjoyed significant fuel savings, with an average annual savings of $1,200 or $100 per month compared to their gasoline counterparts. Coltura will release updated data quarterly.
The first-of-its-kind analysis shows savings per mile driven, providing detailed insights into how much drivers can save based on their specific commute and annual driving patterns. It compares current gasoline prices in each state with current electricity rates to offer a comprehensive view of the cost benefits of driving an EV.
"Our latest analysis makes it clear: EVs aren't just better for the environment—they're also much more cost-effective. With drivers saving thousands annually on fuel, the financial benefits of going electric are undeniable” said Matthew Metz, Founder and Co-Executive Director of Coltura. “We're committed to providing data that helps consumers and policymakers see the real economic advantages of switching to EVs. By releasing this analysis quarterly, we can challenge myths about EV costs and show that they are a smart financial choice for all Americans."
Notably, gasoline "Superusers"—those in the top 10% of gasoline consumption—can save over $400 a month, or nearly $5,000 a year, by switching to an EV. The greatest savings were found in states with low electricity costs and higher gas prices, such as Washington, where drivers save an average of 13.1 cents per mile, or $120 per month. Even in states with lower gas prices, such as Massachusetts, the savings are still significant at 4.7 cents per mile.
Read the Q2 2024 memo and explore the data on Coltura’s new cost savings dashboard.
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Representatives of Coltura are available for interviews and further discussion on the implications of this analysis for consumers and the broader EV market.