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Savings Formula:
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The Electric Car Savings Calculator estimates annual cost savings from switching from a gasoline-powered vehicle to an electric vehicle. It compares the per-mile operating costs of both vehicle types to determine potential financial benefits.
The calculator uses the savings formula:
Where:
Explanation: The formula calculates the difference in operating costs between gasoline and electric vehicles multiplied by the annual mileage to determine total annual savings.
Details: Understanding potential savings helps consumers make informed decisions about electric vehicle adoption, considering long-term financial benefits beyond initial purchase price.
Tips: Enter gas cost and electric cost in dollars per mile, and annual mileage in miles. All values must be valid (costs ≥ 0, annual mileage > 0).
Q1: How do I calculate gas cost per mile?
A: Divide the cost of a gallon of gas by your vehicle's miles per gallon (MPG) rating. For example: $3.50/gallon ÷ 25 MPG = $0.14/mile.
Q2: How do I calculate electric cost per mile?
A: Divide your electricity cost per kWh by your EV's efficiency (miles per kWh). For example: $0.15/kWh ÷ 3.5 miles/kWh = $0.043/mile.
Q3: Does this include maintenance savings?
A: No, this calculator only considers fuel/electricity costs. Electric vehicles typically have lower maintenance costs which would increase total savings.
Q4: Are there limitations to this calculation?
A: This is a simplified calculation that doesn't account for electricity rate variations, charging efficiency losses, or gasoline price fluctuations.
Q5: Should I consider other factors when switching to EV?
A: Yes, also consider charging infrastructure availability, vehicle range, upfront costs, tax incentives, and environmental benefits.