Salary Calculator Hourly Rate to Annual

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Electric Vehicle (EV) Savings & Charging Calculator

Monthly Gas Cost

$0.00

Monthly EV Cost

$0.00

Monthly Savings

$0.00

Estimated Annual Savings: $0.00

function calculateEVSavings() {
var miles = parseFloat(document.getElementById(‘monthlyMiles’).value);
var gasPrice = parseFloat(document.getElementById(‘gasPrice’).value);
var mpg = parseFloat(document.getElementById(‘gasMPG’).value);
var elecRate = parseFloat(document.getElementById(‘elecRate’).value);
var evEff = parseFloat(document.getElementById(‘evEfficiency’).value);
if (isNaN(miles) || isNaN(gasPrice) || isNaN(mpg) || isNaN(elecRate) || isNaN(evEff) || mpg <= 0 || evEff <= 0) {
alert('Please enter valid positive numbers for all fields.');
return;
}
var monthlyGasCost = (miles / mpg) * gasPrice;
var monthlyEVCost = (miles / evEff) * elecRate;
var monthlySavings = monthlyGasCost – monthlyEVCost;
var annualSavings = monthlySavings * 12;
document.getElementById('gasCostDisplay').innerText = '$' + monthlyGasCost.toFixed(2);
document.getElementById('evCostDisplay').innerText = '$' + monthlyEVCost.toFixed(2);
document.getElementById('monthlySavingsDisplay').innerText = '$' + monthlySavings.toFixed(2);
document.getElementById('annualSavingsDisplay').innerText = '$' + annualSavings.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
document.getElementById('results-area').style.display = 'block';
}

How Much Can You Save by Switching to an EV?

Deciding whether to trade in your internal combustion engine (ICE) vehicle for an electric car involves more than just looking at the sticker price. One of the most significant long-term benefits of EV ownership is the reduction in “fueling” costs. While gasoline prices fluctuate based on global markets, residential electricity rates tend to be much more stable and significantly cheaper per mile.

Understanding the Math

To calculate your potential savings, our calculator looks at several key metrics:

  • Gasoline Efficiency (MPG): This is how many miles your current car travels per gallon of gas. A typical sedan averages 25-30 MPG, while SUVs may be lower.
  • EV Efficiency (Miles per kWh): Similar to MPG, this measures how far an electric vehicle travels on one kilowatt-hour (kWh) of energy. Most modern EVs range between 3.0 and 4.2 miles per kWh.
  • Energy Costs: We compare the local price of gasoline to your home electricity rate. In many regions, charging an EV at night is equivalent to paying less than $1.00 per gallon of gas.

Realistic Example: The Daily Commuter

Consider a driver who travels 1,200 miles per month (roughly 40 miles per day). If their current SUV gets 20 MPG and gas is $3.80 per gallon, they spend $228.00 per month on fuel.

If they switch to a Tesla Model 3 or Hyundai IONIQ 6 (averaging 4.0 miles per kWh) and pay $0.14 per kWh for electricity, their “fuel” cost drops to $42.00 per month. That is a monthly savings of $186.00, or over $2,200 per year.

Additional Factors to Consider

While fuel savings are the biggest operational win, don’t forget these other financial impacts:

  • Maintenance: EVs have no oil changes, spark plugs, or timing belts. Regenerative braking also extends the life of brake pads significantly.
  • Home Charger Installation: You may need to invest $500–$1,500 in a Level 2 home charging station, though many local utilities offer rebates.
  • Insurance: EV insurance can sometimes be higher due to the vehicle’s higher market value and specialized repair requirements.
  • Resale Value: Modern EVs are holding their value well as demand increases and battery technology matures.

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