Switching to an electric car can result in significant savings for drivers, but the amount saved depends on various factors including the type of car, fuel prices, electricity costs, maintenance, insurance, and depreciation. A recent analysis by Payless Power provides insight into these potential savings using average US data.
Key Findings
According to Payless Power’s research, driving one mile on regular gas costs an average of 15.23 cents in the US, nearly four times the cost of charging an electric vehicle (EV) at home, which averages 4.21 cents per mile. Charging at public stations (8.7 cents/mile) is more than twice as expensive as home charging. Over a decade, Americans could save approximately $11,053 on average by driving an EV charged at home rather than a gas-powered vehicle.
State-by-State Savings Comparison
The analysis revealed significant variations in savings across different states when comparing charging costs to gasoline fueling costs. The top three states for savings over 10 years were:
- Washington: $18,055
- Nevada: $15,726
- Oregon: $14,481
Interestingly, Alaska ranked fourth with estimated savings of $13,933, followed by California, a leading market for EVs in the US, with $13,549 in savings. California accounts for 31% of US EV sales, and nearly one in four new car buyers in the state opt for electric vehicles.
Even in states with the lowest estimated savings, such as Connecticut ($5,407), Alabama ($6,132), and Nebraska ($6,331), drivers can still save thousands over a decade.
Additional Considerations
While the initial purchase price of an EV might be higher than its gas-powered counterpart, many EV models come with additional features and technology. Furthermore, some models are eligible for the US federal EV tax credit, and various states offer additional rebates and tax credits.
The convenience of home charging, combined with the benefits of instant torque and the quiet operation of electric motors, makes electric vehicles an attractive option for many drivers. As the savings and benefits become more apparent, the appeal of switching to an electric car continues to grow.
