How much money do you save with electric cars compared to gas cars over time?
According to a 2020 study from the U.S. Department of Energy’s National Renewable Energy Laboratory and the Idaho National Laboratory, electric car owners can save as much as $14,500 on fuel costs by owning an electric car for 15 years, compared to a similarly priced and sized gas-powered vehicle.
Over time, electric automobiles can save you money since they require less maintenance and gasoline. In general, electricity is less expensive than gasoline, and since electric cars have fewer moving components, they require less maintenance. However, it’s important to consider the original purchase cost and any prospective battery replacement expenses. Over several years, savings might add up to a significant amount.
That’s nearly $1,000 in annual savings on driving costs. To put it differently, the cost of operating an electric car is approximately equivalent to paying $2 per gallon of gas. Given that this study used 2020 gas prices as a reference, it’s reasonable to assume that the savings are even more significant today.