Step 1: Calculate kWh consumed: '+miles+' / '+eff+' = '+evKwhNeeded.toFixed(2)+' kWh/year
';html+='Step 2: Annual EV Cost: '+evKwhNeeded.toFixed(2)+' * $'+rate+' = $'+annualEV.toFixed(2)+'
';html+='Step 3: Gas Cost for Comparison: ('+miles+' / '+gMpg+') * $'+gPrice+' = $'+annualGas.toFixed(2)+'
';html+='Step 4: Net Savings: $'+annualGas.toFixed(2)+' – $'+annualEV.toFixed(2)+' = $'+savings.toFixed(2)+'
Calculator Use
This electric car cost calculator is designed to help potential and current EV owners understand the financial implications of switching from internal combustion engines to electric propulsion. By entering your specific driving habits and local utility rates, you can generate a precise estimate of your fueling expenses and potential savings.
To get the most accurate results, consider your actual utility bill for electricity rates and your previous year's mileage records.
- Annual Mileage
- The total number of miles you expect to drive in one year. The US national average is approximately 13,500 miles.
- Electricity Rate ($/kWh)
- The cost your utility provider charges per kilowatt-hour. Check your monthly bill for the "Energy Charge" or "Generation Charge."
- EV Efficiency (mi/kWh)
- Similar to MPG, this measures how many miles an electric car travels per kWh. Most modern EVs average between 3.0 and 4.2 mi/kWh.
- Gas Price & MPG
- Used to calculate the "opportunity cost" of not driving a gasoline vehicle, providing a clear picture of annual fuel savings.
How It Works
The electric car cost calculator uses standard energy conversion logic to bridge the gap between liquid fuel (gallons) and electrical energy (kilowatt-hours). The core formula for calculating the cost of electricity per year is:
Annual EV Cost = (Total Miles ÷ Efficiency) × Electricity Rate
By comparing this result to the annual gasoline cost, we determine the ROI of an electric vehicle purchase. Key variables include:
- Consumption: How much energy the car pulls from the grid per mile.
- Utility Pricing: Residential electricity is significantly cheaper than commercial fast-charging (DCFC).
- Gasoline Variance: The savings gap widens as gasoline prices increase.
Calculation Example
Example: A commuter drives a Tesla Model 3 15,000 miles per year. Their local electricity rate is $0.14 per kWh, and the car averages 4.0 miles per kWh. They are comparing this to their old SUV that got 20 MPG with gas at $3.80 per gallon.
Step-by-step solution:
- Calculate EV energy: 15,000 miles ÷ 4.0 mi/kWh = 3,750 kWh
- Calculate EV cost: 3,750 kWh × $0.14 = $525.00
- Calculate Gas fuel used: 15,000 miles ÷ 20 MPG = 750 gallons
- Calculate Gas cost: 750 gallons × $3.80 = $2,850.00
- Total Annual Savings: $2,850.00 – $525.00 = $2,325.00
Common Questions
Are electric cars really cheaper to run?
Yes, in the vast majority of scenarios. While the upfront purchase price may be higher, the cost per mile for electricity is typically 1/3 to 1/4 the cost of gasoline. Additionally, EVs have fewer moving parts, reducing long-term maintenance costs like oil changes and transmission repairs.
How does home charging affect the electric car cost calculator?
Charging at home during off-peak hours is the most cost-effective way to fuel an EV. Using this electric car cost calculator with your residential rate will show significantly higher savings compared to using public fast chargers, which can sometimes cost as much as gasoline per mile.
What is a good mi/kWh efficiency?
Most efficient electric sedans achieve between 3.8 and 4.4 mi/kWh. Larger electric SUVs and trucks usually fall between 2.0 and 2.8 mi/kWh. Higher numbers mean the car is more efficient and will cost less to operate over the same distance.