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Electric Vehicle Savings Calculator USA

How much could you save by driving an electric car instead of a gas car?
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Choose Electric Vehicle to autofill efficiency data
    Annual Mileage
    What is the total distance you drive in a year?
    mi
    USA average annual vehicle mileage:
    13476 miles

    EV Fuel Savings Calculator

    How much could you save on fuel by switching to an electric car?
    Electric Vehicle
    Energy Efficiency
    kWh/100 mi
    mi/kWh
    Median efficiency among 913 EVs on GCC:
    29.25 kWh/100 mi (3.43 mi/kWh)
    Price per kWh
    $
    USA average residential electricity rate:
    $0.16
    $ / year
    ICE Vehicle
    Fuel Efficiency
    mpg
    USA average gasoline vehicle fuel efficiency:
    24.4 mpg
    Price per Gallon
    $
    USA average retail regular gasoline price:
    $3.17 per gallon
    $#XXX# / year
    If You Switched to EV Today
    in years
    you could save $ on fuel
    $
    $
    Electric
    ICE

    EV Payback Period Calculator

    How long will it take an electric vehicle to pay for itself?
    Cash
    Lease
    Electric Vehicle
    Purchase Price
    $
    ICE Vehicle
    Purchase Price
    $
    Electric Vehicle
    Down Payment
    $
    Monthly Payment
    $
    ICE Vehicle
    Down Payment
    $
    Monthly Payment
    $
    $

    How long until an electric car breaks even?

    EV Return on Investment (ROI)
    $K
    $K
    $K
    $0
    −$K
    −$K
    −$K
    EV ROI
    Y0
    EV ROI
    Y1
    EV ROI
    Y2
    EV ROI
    Y3
    EV ROI
    Y4
    EV ROI
    Y5
    Year EV ICE EV ROI
    0
    1
    2
    3
    4
    5

    It costs less more upfront (after accounting for in EV incentives), and saves about in fuel each year. Monthly lease payments are lower higher for the EV compared to the ICE car. Your net cost savings in five years will reach approximately . remain negative.

    These estimates are based on current conditions and don't include things like gas and electricity prices changing, or car maintenance and insurance costs.

    Save More with EV Incentives

    Explore rebates, tax credits, grants and other benefits

    Federal Incentives

    • Federal EV Charger Tax Credit

      Category: Tax Benefits Individuals in low-income communities and non-urban areas who purchase qualified residential EV charger after January 1, 2023, may receive a tax credit of up to $1,000.

      In order to qualify, individuals need to be located in low-income community census tracts or non-urban census tracts as defined in IRS Notice 2024-20.
      Learn More

    • Federal Tax Credit for Pre-Owned Electric Vehicles

      Category: Tax Benefits Pre-owned all-electric vehicles purchased in 2023 or after may be eligible for a federal income tax credit. The credit equals 30% percent of the sale price up to a maximum credit of $4,000. The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. Also, you can't apply any excess credit to future tax years.

      The vehicle must be purchased from a dealer, have a sale price of $25,000 or less, and must have a model year two years prior to the current calendar year.
      Learn More

    • Federal Tax Credit for New Electric Vehicles

      Category: Tax Benefits All-electric vehicles purchased new in 2023 or after may be eligible for a federal income tax credit of up to $7,500. The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. Also, you can't apply any excess credit to future tax years.

      The availability of the credit will depend on several factors: Vehicle's MSRP, Final assembly location, Battery component and/or critical minerals sourcing, Taxpayer’s modified adjusted gross income (AGI).
      Learn More
    Explore Your State Incentives
    Discover what incentives you can access in your state with our interactive EV incentives map
    Explore EV Incentives

    Discussion

    Share your thoughts, ask questions, and connect with the EV community.
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