Over the past few years, electric cars have absolutely exploded in popularity – and a large part of that increased demand is thanks to the rapidly increased fuel costs for gas-powered vehicles. As a result, the number of drivers who are switching over to fully electric cars has increased dramatically due to the massive savings of driving EVs instead of ICE vehicles.
But, just how much can consumers save with EVs over ICEs? Today, we’ll be sharing exactly how much consumers can save with EVs with Electrly's nifty gas vs electric car cost calculator.
How to use the EV vs Gas Saving calculator to Compare Cost Differences?
- First, select the two vehicle models that you’ll be comparing: enter the year, make, and model of the gas-powered vehicle and the EV as well as their estimated MPG and rated mile/kWh respectively.
- Next, enter the current fuel prices in your area as well as the current cost of electricity in your area.
- Enter the number of miles that you drive in a year.
- And that’s it! Take a look at the results, and see the estimated amount that you could be saving if you drove an EV. The results may surprise you.
Features of an EV vs Gas Saving Calculator
There are several useful features that this EV vs Gas savings calculator can provide you, including all of the following:
Compare Distance by Fixed Costs - You can use the calculator to easily compare the distance you can drive with your EV and ICE vehicle using a fixed cost.
Compare Cost to Drive Fixed Distance - The calculator also allows users to see how much money it costs to drive the same distance while using an EV vs a gas-powered car.
Long-Term Savings - You can calculate and compare the cost to drive ICE vehicles and EVs over a long period to estimate the long-term savings using our calculator as well.
How to Estimate the Average Cost of Evhome Charging per Charge?
In order to estimate the average cost of charging your EV at home, you’ll first need to know how many miles you drive per year (which will tell you roughly how often you’ll be charging it).
On average, Americans drive 12,700 miles per year. That breaks down to 1,058 miles per month – which is about 353 kWh in energy used for an EV. Assuming you are driving an EV with a battery pack at 60 kWh of capacity, you will need to charge your vehicle approximately 6 times from 0% to 100%.
As of January 2023, the residential average cost of electricity was 15 cents per kWh. Simply multiply the energy usage and the electricity rate, and the cost will end up being around $57 per month, and around $9 per charge.
To learn more about the details regarding EV charging costs and to quickly calculate the cost to charge your EV, take a look at our EV Charging Calculator and get instant results.
Why is it Better To Drive an EV instead of an ICE?
The biggest reason why drivers prefer EVs over ICEs is that refueling is generally cheaper. Recharging one’s vehicle at a public Level 3 fast charging station can range anywhere between $10 to $30 for a full charge, while Level 2 charging stations only cost about $1 to $5 per hour.
Charging at home is even cheaper than that. With a fixed upfront cost, charging your EV at home from 0% to 100 % will cost you as low as $10 per charge (consider charging an EV with a 60 kWh battery pack).
Driving an EV is also much less of a hassle than ICEs. With so many more moving parts under the hood, there are far more issues that gas-powered vehicles can encounter, which means that regular tune-ups such as oil changes are necessary in order to keep the car in good shape. EVs, on the other hand, are relatively hassle-free with simpler power chains and fewer moving parts.
EVs also offer more flexibility to their users – whereas gas-powered cars must be refueled at public gas stations, EVs can simply be plugged into a charger at home, at the workplace, or any public charging place including regular parking lots, shopping malls, and street side parking – many of which are free to use.
How Is Charging an EV Cheaper Than Refueling a Gas Vehicle?
The average cost of gasoline nationwide as of April 2023 is $3.55 per gallon, according to AAA. This would mean that a 12-gallon gas tank would cost $42.60 plus tax to refuel.
For an economy vehicle with decent gas mileage of 30 MPG, you would be able to drive 360 miles per gallon before refueling. With the average American driving 1,058 miles per month, you would have to refuel your vehicle at least three times per month. This works out to $127.80 in fuel costs per month.
If you were to drive the same amount of miles per month with an EV, it would only cost $53 per month on average to refuel. That means you’ll save $75 versus driving an economy car or saving about $200 versus driving a gas-guzzler such as a pickup truck or van.
What Is The Major Factor Affecting The Energy Costs of EVs and ICE Vehicles?
It’s important to understand that when talking about the “fuel economy” of EVs and ICE vehicles, the driving environment is playing a big part in the comparison. Actually, this is the key difference between the 2 types of vehicles, as other factors such as driving style and air conditioners drain fuel/power in similar ways.
EVs - EVs typically hold their charge faster when driving in residential areas, and shorter distances at slower speeds. If you frequently drive on the highway, it will result in more electricity usage which means worse MPGe.
ICEs - This case is pretty much the opposite for electric-powered vehicles. Traveling longer distances on the highway, with fewer slow-downs will result in better fuel economy. Frequent city driving usually results in worse MPG for ICEs.