It is cheaper to drive a mile on electricity than it is to drive a mile on gasoline and electricity prices are much less volatile than gas prices. Though your electricity costs will go up if you’re charging your EV at home, your gas costs will go down by more. We've done some math to demonstrate cost savings and found that, by switching from the average new gas-powered car to the average new all-electric vehicle, the average Massachusetts or Rhode Island driver will save:
- 3.3 cents per mile
- $393 per year or $33 per month
Even when gas prices dropped to below $2 per gallon in New England in March 2020, electric cars were still saving consumers money. Of course, drivers were not driving nearly as much in 2020 as they were in 2019 (which is part of the reason why gas prices are so low.) But this estimate still gives you a good idea of how much you can expect to save. Plus, electric vehicles protect you from any volatile increases in gas prices.
And remember, those savings are from fuel costs alone – they don’t include all the service (so long, oil changes!) that EVs don’t need.
Ultimately, the cost of driving an EV for you will depend on (a) your per kilowatt-hour electricity costs and (b) how much power your EV uses, which will depend on a couple of things:
- The efficiency of the vehicle: Some EVs take you further on a kilowatt-hour (kWh) than others. The range from highest to lowest is not as wide as we see for gasoline-powered cars (i.e. the difference between a Prius and a Hummer).
- How much you drive it: More miles, more power required!
- How you drive it: Driving fast will create more friction and that will increase your electricity usage, just as with a gasoline car. Using regenerative breaking or your EV's eco-mode will increase the number of miles you get per kilowatt-hour.
Vehicle Cost Calculator
To do the math for yourself, we recommend the U.S. Department of Energy's Alternative Fuels Data Center Vehicle Cost Calculator.
You can take a look at our Methodology and plug in your own numbers to get a better idea of what kind of savings you can expect by switching to a new EV.
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