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EV Savings Calculator

Calculate total EV savings vs gas cars

5-Year Total Savings

$15,100

Break-Even

1.6 yr

Fuel Savings (5yr)

$4,600

CO₂ Reduction

1.8 t/yr

$
$
$
$
$
Total 5-Year Savings

$15,100

Break-Even

1.6 yr

Fuel Savings (5yr)

$4,600

Maintenance (5yr)

$3,000

Annual Savings Comparison

Fuel Savings/Year$920
Maintenance Savings/Year$600
Tax Credits$7,500

Annual Breakdown

Fuel Savings/Year$920
Maintenance Savings/Year$600
Total Annual Savings$1,520

5-Year Total

Fuel Savings$4,600
Maintenance Savings$3,000
Tax Credits$7,500
Total Savings$15,100

Frequently Asked Questions

Q

How much can I save with an EV?

Average savings: $1,000-2,000/year on fuel + $500-700/year on maintenance. With $7,500 federal tax credit, 5-year savings can exceed $15,000.

  • Fuel savings assume 3.5 mi/kWh EV efficiency, $0.14/kWh electricity, 30 MPG gas car, $3.50/gal gas
  • Maintenance savings add $600/year (gas $1,200/yr vs EV $600/yr)
  • Total 5-year savings for 12,000 mi/yr driver: $15,100 including $7,500 tax credit
  • Higher-mileage drivers save proportionally more on fuel each year
Miles/YearEV Fuel CostGas Fuel CostAnnual Savings
10,000$400$1,167$767
12,000$480$1,400$920
15,000$600$1,750$1,150
20,000$800$2,333$1,533
Q

How much does it cost to charge an EV at home?

Home charging costs $0.10-0.20 per kWh depending on your utility rate. A typical EV uses about 3-4 miles per kWh, so driving 12,000 miles per year costs $360-$480 in electricity at the national average of $0.14/kWh.

  • Calculations assume 3.5 mi/kWh average EV efficiency
  • Off-peak charging (overnight) can reduce rates by 30-50%
  • Level 2 home charger ($500-2,000 installed) charges overnight at full efficiency
  • DC fast charging costs $0.30-0.60/kWh but is only needed for road trips
Electricity Rate10K Miles12K Miles15K Miles
$0.10/kWh$286$343$429
$0.14/kWh$400$480$600
$0.18/kWh$514$617$771
$0.22/kWh$629$754$943
Q

What is the federal EV tax credit?

Up to $7,500 for new EVs meeting requirements (battery sourcing, price caps, income limits). Used EVs may qualify for $4,000. Credit applies at tax time, reducing what you owe.

  • New EV price cap: $55,000 for sedans, $80,000 for SUVs/trucks
  • Income limits: $150,000 single, $300,000 joint for new EVs
  • Used EV credit: up to $4,000, price cap $25,000, income limit $75,000 single
  • Some states add $1,000-5,000 in additional rebates
Q

Why do EVs have lower maintenance costs?

No oil changes, fewer brake replacements (regenerative braking), no transmission fluid, no spark plugs, simpler drivetrain. Main costs are tires, wipers, and eventual battery replacement.

Maintenance ItemGas Car (Annual)EV (Annual)Savings
Oil changes$200-400$0$200-400
Brake pads$150-300$50-100$100-200
Transmission$100-200$0$100-200
Total annual$1,200$600$600
Q

How long until an EV pays for itself?

Break-even varies by models compared and driving habits. Typically 3-7 years. Higher gas prices, more driving, and larger price difference (after tax credits) speed up payback.

  • With $7,500 tax credit and $10K price premium: break-even in ~1.6 years at 12K miles/yr
  • Without tax credit and $10K premium: break-even in ~6.6 years at 12K miles/yr
  • High-mileage drivers (18K mi/yr) break even 30-40% faster
  • Rising gas prices accelerate break-even; falling electricity rates do the same
Q

Are EVs really better for the environment?

Yes, even accounting for battery production and grid emissions. EVs produce 50-70% less lifetime CO2 than gas cars. Cleaner grids and renewable charging improve this further.

Q

What about battery replacement costs?

Most EV batteries last 10-20 years and 200,000+ miles. Replacement costs $5,000-15,000 but are rare. Many EVs retain 80%+ battery capacity after 200K miles.

Example Calculations

1Standard EV vs Gas Comparison (12,000 mi/year)

Inputs

Annual Miles12,000
EV Efficiency3.5 mi/kWh
Electricity Rate$0.14/kWh
Gas Car MPG30
Gas Price$3.50/gal
EV Price$45,000
Gas Car Price$35,000
Tax Credit$7,500

Result

5-Year Total Savings$15,100
Fuel Savings (5 yr)$4,600
Maintenance Savings (5 yr)$3,000
Tax Credits$7,500
Break-Even1.6 years

EV fuel = (12,000 / 3.5) x $0.14 = $480/yr. Gas fuel = (12,000 / 30) x $3.50 = $1,400/yr. Fuel savings = $920/yr. Maintenance savings = $600/yr. 5-year total = ($920 x 5) + ($600 x 5) + $7,500 = $15,100. Break-even = ($45,000 - $35,000 - $7,500) / ($920 + $600) = 1.6 years.

2High-Mileage EV Driver (18,000 mi/year)

Inputs

Annual Miles18,000
EV Efficiency3.0 mi/kWh
Electricity Rate$0.15/kWh
Gas Car MPG25
Gas Price$3.80/gal
EV Price$50,000
Gas Car Price$38,000
Tax Credit$7,500

Result

5-Year Total Savings$19,680
Fuel Savings (5 yr)$9,180
Maintenance Savings (5 yr)$3,000
Tax Credits$7,500
Break-Even1.8 years

EV fuel = (18,000 / 3.0) x $0.15 = $900/yr. Gas fuel = (18,000 / 25) x $3.80 = $2,736/yr. Fuel savings = $1,836/yr. 5-year total = ($1,836 x 5) + ($600 x 5) + $7,500 = $9,180 + $3,000 + $7,500 = $19,680. Break-even = ($50,000 - $38,000 - $7,500) / ($1,836 + $600) = 1.8 years.

3Budget EV, No Tax Credit (8,000 mi/year)

Inputs

Annual Miles8,000
EV Efficiency4.0 mi/kWh
Electricity Rate$0.12/kWh
Gas Car MPG28
Gas Price$3.20/gal
EV Price$38,000
Gas Car Price$30,000
Tax Credit$0

Result

5-Year Total Savings$6,371
Fuel Savings (5 yr)$3,371
Maintenance Savings (5 yr)$3,000
Tax Credits$0
Break-Even6.3 years

EV fuel = (8,000 / 4.0) x $0.12 = $240/yr. Gas fuel = (8,000 / 28) x $3.20 = $914/yr. Fuel savings = $674/yr. Maintenance savings = $600/yr. 5-year total = ($674 x 5) + ($600 x 5) + $0 = $3,371 + $3,000 = $6,371. Break-even = ($38,000 - $30,000 - $0) / ($674 + $600) = 6.3 years.

Formulas Used

Annual Fuel Savings

Fuel Savings = (Annual Miles / Gas MPG x Gas Price) - (Annual Miles / EV Efficiency x Electricity Rate)

Compares annual fuel cost of a gas car vs electricity cost of an EV.

Where:

Annual Miles= Miles driven per year
Gas MPG= Comparable gas car fuel economy
Gas Price= Price per gallon of gasoline
EV Efficiency= EV efficiency in miles per kWh
Electricity Rate= Cost per kWh of electricity

5-Year Total Savings

Total Savings = (Fuel Savings x 5) + (Maintenance Savings x 5) + Tax Credits

Total savings over 5 years including fuel, maintenance ($600/year), and tax credits.

Where:

Fuel Savings= Annual fuel cost difference (gas - EV)
Maintenance Savings= $600/year (gas $1,200 - EV $600)
Tax Credits= Federal and/or state EV tax credits

Break-Even Period

Break-Even = (EV Price - Gas Car Price - Tax Credit) / (Annual Fuel Savings + Annual Maintenance Savings)

Number of years until the EV price premium is recovered through savings.

Where:

EV Price= Purchase price of the electric vehicle
Gas Car Price= Purchase price of the comparable gas car
Tax Credit= Federal/state EV tax credits

Related Resources

  • EV Charging Cost Calculator

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  • Gas Mileage Calculator

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Last Updated: Feb 13, 2026

This calculator is provided for informational and educational purposes only. Results are estimates and should not be considered professional financial, medical, legal, or other advice. Always consult a qualified professional before making important decisions. UseCalcPro is not responsible for any actions taken based on calculator results.

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