Electric Vehicle Savings Calculator
Compare your annual fuel costs against EV charging costs to see exactly how much you'd save by going electric. Useful when shopping for an EV or evaluating whether the switch makes financial sense.
About this calculator
The calculator computes your annual fuel cost by dividing your yearly mileage by your gas vehicle's MPG, then multiplying by the price per gallon. It then calculates what you'd spend charging an EV by dividing annual miles by the EV's efficiency (miles per kWh) and multiplying by your electricity rate. The difference is your annual savings: Annual Savings = (annualMiles / gasMpg × gasPrice) − (annualMiles / evEfficiency × electricityRate). EV efficiency is typically expressed in miles per kWh — a common value is around 3–4 miles/kWh for modern EVs. Higher annual mileage amplifies the savings because electricity is significantly cheaper per mile than gasoline in most regions.
How to use
Suppose you drive 12,000 miles/year in a car getting 28 MPG, gas costs $3.50/gallon, your prospective EV gets 3.5 miles/kWh, and electricity costs $0.13/kWh. Gas cost = (12,000 / 28) × $3.50 = $1,500. EV charging cost = (12,000 / 3.5) × $0.13 = $445.71. Annual savings = $1,500 − $445.71 = $1,054.29. Enter those four values into the fields and the calculator returns your yearly savings instantly.
Frequently asked questions
How much money can I realistically save per year by switching to an electric vehicle?
Savings vary widely depending on your annual mileage, local gas prices, electricity rates, and the efficiency of the EV you choose. For an average American driver covering 12,000 miles a year, switching from a 28 MPG car to a typical EV can save $800–$1,200 annually on fuel alone. Areas with cheap electricity and expensive gasoline, like California or the Pacific Northwest, tend to show the highest savings. This calculator lets you plug in your exact numbers rather than relying on national averages.
What is EV efficiency and how do I find it for a specific car?
EV efficiency describes how many miles the vehicle travels per kilowatt-hour (kWh) of electricity consumed, similar to MPG for gas cars. You can find it on the EPA's fueleconomy.gov website under the vehicle's official fuel economy rating, listed as MPGe or kWh/100 miles. To convert kWh/100 miles to miles/kWh, divide 100 by the kWh figure — for example, 28 kWh/100 miles equals 3.57 miles/kWh. Most modern EVs range from 3 to 4.5 miles/kWh. Using an accurate figure for your target vehicle makes the savings estimate much more reliable.
Does this calculator account for the higher purchase price of an electric vehicle?
No — this calculator focuses purely on annual fuel-cost savings, not total cost of ownership. To get a complete picture, you should also factor in the EV's higher sticker price, available federal or state tax credits (up to $7,500 in the US), lower maintenance costs (no oil changes, fewer brake replacements), and insurance differences. Divide the net purchase price premium by your annual fuel savings to estimate your break-even point. Many drivers find the total payback period falls between 4 and 8 years when all factors are included.