EV Savings Calculator

Category: Ecology
- April 08, 2025
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Compare the total cost of ownership between electric vehicles and gas-powered vehicles, including purchase price, fuel/charging costs, maintenance, and more.

Vehicle Information

Purchase Costs

$
$
$
%
years
$

Usage & Efficiency

miles/year
years
miles/kWh
MPG

Energy & Fuel Costs

$ per kWh
$ per gallon
%
$ per kWh

Maintenance & Insurance

$ per year
$ per year
$ per year
$ per year

Resale Value

%
%

Advanced Options

%
%
$

About EV Savings

While electric vehicles often have higher upfront costs than comparable gas-powered vehicles, they typically have lower operating costs over time. This calculator helps you understand the total cost of ownership and potential savings.

Key Cost Factors
  • Purchase Price: EVs typically cost more upfront but may qualify for tax incentives and rebates.
  • Fuel vs. Electricity: Charging an EV is significantly cheaper than buying gasoline.
  • Maintenance: EVs have fewer moving parts and require less maintenance than gas vehicles.
  • Insurance: EVs often have higher insurance premiums due to higher repair costs.
  • Depreciation: Different vehicles depreciate at different rates, affecting long-term value.
Break-Even Point

The break-even point is when the total cost of owning an EV becomes lower than owning a comparable gas vehicle. This typically happens after several years of ownership, as the lower operating costs of EVs offset their higher purchase price.

Additional Considerations
  • Environmental benefits and reduced carbon footprint
  • Convenience of home charging versus gas station visits
  • Local incentives and perks (HOV lane access, free parking, etc.)
  • Potential battery replacement costs for older EVs
  • Evolving technology and infrastructure for EVs
Break-Even Point Formula:
Total EV Cost = Purchase Price – Incentives + Financing + Charging Costs + Maintenance + Insurance + Home Charger – Resale Value
Total Gas Vehicle Cost = Purchase Price + Financing + Fuel Costs + Maintenance + Insurance – Resale Value
Break-Even occurs when:
EV Total Cost ≤ Gas Vehicle Total Cost

What Is the EV Savings Calculator?

The EV Savings Calculator is an interactive tool that helps you compare the long-term costs of owning an electric vehicle (EV) versus a traditional gas-powered car. It factors in purchase price, financing, fuel or electricity costs, maintenance, insurance, and depreciation over a selected period of ownership. This tool gives you a clearer picture of the total cost of ownership and highlights how much money you can potentially save with an EV.

Why This Tool Is Useful

Choosing between an electric car and a gas vehicle involves more than just looking at the sticker price. This calculator provides a realistic breakdown of all related expenses over time. Whether you're environmentally conscious, financially focused, or both, this tool supports informed decision-making.

  • Get a full cost breakdown for both EV and gas vehicles.
  • Understand how much fuel or electricity you'll need and what it will cost.
  • Estimate how long it will take for the EV to pay off in savings.
  • See how factors like inflation, insurance, and resale value affect total costs.

How to Use the EV Savings Calculator

Follow these steps to get your personalized savings report:

  1. Select your electric vehicle model and a comparable gas-powered car.
  2. Enter or adjust purchase prices, loan details, and incentives.
  3. Input your typical driving habits, including annual mileage and years you plan to own the vehicle.
  4. Specify energy costs—both for electricity and gas—as well as maintenance and insurance estimates.
  5. Choose whether to include a home charging setup and inflation projections.
  6. Click "Calculate Savings" to see your detailed results.

What You’ll See in the Results

The calculator provides a complete cost comparison and visual charts to help you interpret the data. Key highlights include:

  • Total EV Cost: What you’ll spend on an electric car over the chosen period.
  • Total Gas Vehicle Cost: What a gas car will cost in the same timeframe.
  • Total Savings: The difference in cost between the two options.
  • Break-Even Point: The year when the EV starts saving you money.

How It Helps with Emissions and Sustainability

While this tool is primarily focused on financial comparison, the shift from gas to electric vehicles directly supports lower carbon emissions. Electric vehicles play a role in reducing your car emissions tool footprint. By switching to an EV and charging it using renewable energy, you contribute to lower vehicle carbon impact and support broader climate goals.

If you're interested in your broader environmental impact, check out tools like the Household Carbon Footprint Calculator, Flight Carbon Footprint Calculator, or Public Transport Carbon Footprint Calculator. These help track emissions from home energy, travel, and daily lifestyle choices.

Frequently Asked Questions (FAQ)

Does this calculator account for tax credits?

Yes. You can enter any federal or local EV tax incentives and rebates, which are deducted from the purchase price in the results.

How accurate are the fuel and electricity estimates?

The tool uses your inputs for fuel prices and electricity rates. You can adjust them to reflect your actual costs or expected changes.

Can I compare custom vehicles?

Absolutely. Choose "Custom Specifications" to enter your own vehicle data instead of selecting from the list.

Does it consider resale value?

Yes. It estimates resale value based on the annual depreciation rates you provide for each vehicle.

How is the break-even point calculated?

The break-even point shows when the cumulative cost of owning an EV becomes lower than that of a gas vehicle. This includes all expenses and any savings from energy, maintenance, or incentives.

What if I charge mostly at public stations?

You can adjust the "Home Charging Percentage" to reflect your typical charging behavior. The calculator will then use your public and home electricity rates accordingly.

Final Thoughts

The EV Savings Calculator helps you make smarter choices by showing the full picture—what you pay today and what you save tomorrow. Whether you're comparing models or budgeting for a greener ride, this tool equips you with the numbers that matter. It's a great companion to other resources like a gas mileage tool, fuel cost estimator, or a carbon footprint calculator.