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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 816 EVs on GCC:
29.4 kWh/100 mi (3.4 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

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