EV Savings Calculator

Are Electric Vehicles Really Cheaper? An EV Savings Calculator Deep Dive

Electric vehicles (EVs) are becoming increasingly popular, but a key question remains for many potential buyers: Will an EV actually save me money? Our EV Savings Calculator is designed to help you answer that. This article will walk you through how to use the calculator, explain the underlying calculations, and discuss the broader financial implications of switching to an EV.

How to Use the EV Savings Calculator

Our calculator simplifies the process of comparing the costs of running a traditional gasoline car versus an EV. To get personalized estimates, you'll need to input some key data:

• Annual Mileage: Enter the total number of miles you drive each year.
• Fuel Economy (MPG): Specify the miles per gallon your current (or a comparable) petrol/diesel car achieves. The calculator also displays this as litres per 100km for our metric-using friends.
• Fuel Cost per Litre: Input the average cost of fuel in your area.
• EV Efficiency (miles/kWh): Provide the efficiency of the EV you're considering, measured in miles per kilowatt-hour.
• Electricity Cost per kWh: Enter the cost of electricity in your area.

By adjusting these values with the sliders, the calculator instantly updates to show you:

• Annual Savings: The estimated difference in fuel costs between a gasoline car and an EV.
• Annual Fuel Cost: The total cost of fuel for a gasoline car over a year.
• Annual Electricity Cost: The total cost of electricity to power an EV over a year.
• Daily Savings: Your estimated daily savings by switching to an EV.
• EV Cost per Mile: The cost of electricity to drive one mile.
• Fuel Cost per Mile: The cost of fuel to drive one mile in a gasoline car.

The Calculations Behind the Savings

The calculator uses the following calculations to determine potential savings:

1. Miles per Litre: First, it converts the fuel economy from miles per gallon (MPG) to miles per litre. (1 gallon ≈ 4.54609 litres)
2. Annual Fuel Cost: It calculates the annual fuel cost by dividing the annual mileage by the miles per litre and then multiplying by the fuel cost per litre.
3. Annual Electricity Cost: The annual electricity cost is calculated by dividing the annual mileage by the EV efficiency (miles/kWh) and then multiplying by the electricity cost per kWh.
4. Annual Savings: The annual savings are determined by subtracting the annual electricity cost from the annual fuel cost.
5. Daily Savings: The annual savings are divided by 365 to get the daily savings.
6. Cost per Mile: Both the fuel cost per mile and the EV cost per mile are calculated by dividing the respective fuel or electricity costs by the annual mileage.

EV Ownership: Pros and Cons of Savings

While EVs can offer significant savings, it's essential to weigh both the advantages and disadvantages:

Savings Pros:

• Lower Running Costs: Electricity is generally cheaper than petrol or diesel, leading to lower "fuel" costs.
• Reduced Maintenance: EVs typically require less maintenance than petrol/diesel cars (e.g., no oil changes).
• Government Incentives: Many governments offer incentives for EV purchases, further reducing costs.

Savings Cons:

• Higher Purchase Price: EVs often have a higher upfront cost than comparable gasoline cars.
• Charging Costs: Electricity prices can vary, and public charging can sometimes be expensive.
• Battery Replacement: EV batteries will eventually need replacement, which can be a significant expense.

By using our EV Savings Calculator and carefully considering these pros and cons, you can make a more informed decision about whether an EV is the right financial choice for you.