Compare the total cost of owning an EV against a comparable gasoline car over a specified period.
Estimated Cost Difference: N/A
Understanding the Electric Vehicle (EV) Cost Calculator
Purchasing an electric vehicle (EV) is a significant decision, and while the upfront cost might seem higher, the long-term savings can be substantial. This calculator helps you estimate and compare the total cost of owning an EV versus a comparable internal combustion engine (ICE) gasoline car over a defined period. By factoring in purchase price, fuel costs, maintenance, and other variables, you can make a more informed decision.
How the Calculator Works
The calculator works by estimating the total cost of ownership for both the EV and the ICE vehicle over the specified number of years. The core components of the calculation are:
Purchase Price: The initial cost of acquiring the vehicle.
Fuel Costs: This is a major differentiator. For EVs, we calculate the cost of electricity based on your annual mileage, the EV's efficiency (miles per kWh), and the price per kilowatt-hour (kWh). For ICE cars, we calculate the cost of gasoline based on annual mileage, the car's MPG, and the price per gallon.
Maintenance Costs: EVs generally have lower maintenance costs due to fewer moving parts (no oil changes, fewer brake replacements due to regenerative braking). This calculator includes estimated annual maintenance figures for both vehicle types.
Ownership Period: The total duration over which the costs are compared.
The Math Behind the Calculation:
The total cost for each vehicle type is calculated as follows:
Let's break down the Annual Fuel Cost calculation:
EV Annual Fuel Cost:
Gallons or kWh needed per year = Annual Mileage / EV Efficiency (miles/kWh)
Annual Fuel Cost = (kWh needed per year) * (Price per kWh)
ICE Annual Fuel Cost:
Gallons needed per year = Annual Mileage / ICE MPG
Annual Fuel Cost = (Gallons needed per year) * (Price per Gallon)
The final result of the calculator is the difference between the Total Cost of the ICE car and the Total Cost of the EV. A positive number indicates savings with the EV, while a negative number suggests the ICE car is cheaper over the specified period (which is less common in the long run).
Use Cases and Considerations
This calculator is a powerful tool for:
Prospective EV Buyers: To understand the financial implications beyond the sticker price.
Fleet Managers: To evaluate the cost-effectiveness of transitioning to an electric fleet.
Policy Makers: To demonstrate the economic benefits of EV adoption.
Important Considerations:
Electricity Rates: Home charging rates can vary significantly by location and time of day. Public charging can also be more expensive.
Resale Value: While not explicitly calculated here, EV resale values are becoming increasingly competitive.
Incentives and Tax Credits: Government rebates and tax credits can significantly reduce the upfront purchase price of EVs, making them even more attractive. These are not included in this basic calculator but are crucial for a complete financial analysis.
Battery Replacement: While EV batteries are designed to last many years, eventual replacement is a potential future cost, though warranty periods are often long.
Home Charging Installation: There can be an upfront cost for installing a Level 2 home charger.
Use this calculator as a starting point for your financial planning. Adjust the inputs to reflect your specific driving habits and local energy costs for the most accurate comparison.
function calculateEVCosts() {
var purchasePriceEV = parseFloat(document.getElementById("purchasePriceEV").value);
var purchasePriceICE = parseFloat(document.getElementById("purchasePriceICE").value);
var annualMileage = parseFloat(document.getElementById("annualMileage").value);
var fuelPrice = parseFloat(document.getElementById("fuelPrice").value);
var iceMPG = parseFloat(document.getElementById("iceMPG").value);
var evEfficiency = parseFloat(document.getElementById("evEfficiency").value);
var annualMaintenanceEV = parseFloat(document.getElementById("annualMaintenanceEV").value);
var annualMaintenanceICE = parseFloat(document.getElementById("annualMaintenanceICE").value);
var ownershipYears = parseFloat(document.getElementById("ownershipYears").value);
var resultElement = document.getElementById("result");
var resultSpan = resultElement.querySelector("span");
if (isNaN(purchasePriceEV) || purchasePriceEV < 0 ||
isNaN(purchasePriceICE) || purchasePriceICE < 0 ||
isNaN(annualMileage) || annualMileage < 0 ||
isNaN(fuelPrice) || fuelPrice < 0 ||
isNaN(iceMPG) || iceMPG <= 0 ||
isNaN(evEfficiency) || evEfficiency <= 0 ||
isNaN(annualMaintenanceEV) || annualMaintenanceEV < 0 ||
isNaN(annualMaintenanceICE) || annualMaintenanceICE < 0 ||
isNaN(ownershipYears) || ownershipYears = 0) {
resultSpan.textContent = "$" + costDifference.toFixed(2) + " (EV is cheaper)";
resultSpan.style.color = "#28a745"; // Green for savings
} else {
resultSpan.textContent = "$" + Math.abs(costDifference).toFixed(2) + " (Gasoline car is cheaper)";
resultSpan.style.color = "#dc3545"; // Red for higher cost
}
}