Gas vs EV Savings: How Much Money Do Electric Cars Actually Save?

Electric vehicles (EVs) promise massive fuel savings, but figuring out exactly how much you can save requires a bit of math. Let's break down how to compare your current gas expenses to electricity costs.

The Math Behind EV Savings

To calculate your savings, you need four key numbers:

1. Your daily driving distance (miles)
2. Your current vehicle's MPG (miles per gallon)
3. Your local gas price ($/gallon)
4. Your local electricity rate ($/kWh)

Gas Cost = (Miles / MPG) × Gas Price
EV Cost = (Miles / EV Efficiency) × Electricity Rate

The average EV gets about 3.5 miles per kWh. If you drive 40 miles a day, pay $3.50 for gas (at 25 MPG), and $0.15 for electricity, your daily gas cost is $5.60, while your daily EV cost is only $1.71. That's a savings of nearly $4 a day!