How Much Can You Save with an EV?
Use our new EV Savings Calculator to Find out.
Use our EV Savings Calculator—a powerful tool designed to help you estimate your monthly and yearly savings when making the switch from a gasoline car to an electric vehicle.* Many people find they save hundreds every month.
How much will you save?
*This tool provides an estimate based on your inputs. Actual savings may be higher or lower.
What is the Electric Vehicle Savings Calculator?
The EV Savings Calculator is an online tool that compares the costs of owning an electric vehicle versus continuing to drive your current gasoline-powered vehicle.
It takes into account factors including fuel and maintenance costs, incentives, EV price and monthly car payments. The result is a helpful picture of your potential savings.
Making informed decisions about your transportation choices is important to our nonprofit, and our Electric Vehicle Savings Calculator empowers you to do just that.
How Much Can I Save By Going Electric?
The EV Savings Calculator can be used in just 3 easy steps to determine how much you can save by going electric:
1. Estimate your fuel and maintenance savings
2. Estimate your total savings, including EV car payments and incentives
3. Use the EV Roadmap to take the next steps toward making the switch to an EV
Step 1 - Fuel and Maintenance Savings
To begin, you’ll need to enter some basic information.
The average miles you drive in your main gas car per day, week, or year:
Your current vehicle’s average miles per gallon (MPG). You can look it up here.
An estimate of price per gallon of gasoline in your area:
Whether you drive a car, small SUV, large SUV or a truck and what size EV you would prefer to drive:
Your state, which is used to estimate the price to charge an electric vehicle based on electricity rates there.
Whether or not your living situation would likely accommodate installation of a home charger. This is easier if you have a driveway or garage (vs an apartment or a home with no off-street parking) for a charger. Home charging offers the best electricity rates.
When you hit next, you’ll get an estimated monthly fuel and maintenance savings. And then onto step 2!
Step 2 - Total Savings
In this step, you first enter your current car's approximate trade in value - if you’re not sure, you can look this up here.
Then, you enter what you pay a month, if you are still paying off your current car.
Next, you can enter a range for your credit score if you know it. This helps determine the price of an auto loan. You can also select “Not sure”.
Next, you click on an EV you are interested in considering from among the 3 new options and 3 used options.There are just examples to get you started. You can research other new and used EVs here or use our EV price and range guide.
After clicking on an EV example car, you will get an estimate of your potential savings, broken down by month, year and 5 years.
Savings include the federal purchase incentive for the car you chose – $7,500 for a new EV, and $4,000 for a used EV.
Total savings means your savings on fuel and maintenance minus the amount of the monthly car payments on your EV.
As one final step, you can check to see if you qualify for even more incentives in your area! Click here for the most current information. Then enter a number to see your savings calculation get even better.
Step 3 - The EV Roadmap
Our EV Roadmap has step-by-step guidance to:
- Help choose the EV that's just right for you
- Learn about home charger options and incentives
- Tips for a great EV driving experience
You can also sign up to connect with a current EV owner free of charge. Volunteer EV drivers are happy to spend time in email, chat or by phone to share their experience and answer questions. Finally, if you’re ready to learn about the best EV deals in your area, you can sign up to be connected to local EV dealerships or showrooms.
Conclusion
The EV savings calculator is a valuable tool for anyone considering the switch to an electric vehicle. In just a few minutes, you can uncover potential savings and better understand the long-term financial benefits. We’re grateful for your consideration of an EV — more electric cars on the road makes our air cleaner.