EV Savings Are Real - Try the Math

By Maurice Carter, Sustainable Newton Co-Founder & Current President

I wrote a piece on Monday arguing that EVs are the best hedge against rising prices at the gas pump -- during the current US/Iran conflict or in any future global energy disruption.  And, as a result, that Georgia lawmakers could do more to lower ongoing costs for Georgia drivers if they put their resources into helping them transition to #DriveElectric, rather than resorting to the Band-Aid solution of suspending the state's $0.33 gasoline tax.

If you're open-minded about that suggestion, it might help if I share numbers to back up my assertion.  (Remember, we're not factoring in the environmental reasons for driving an EV, nor will we get into why we think you'll love driving electric once you try it. That's all in the videos we created to share our EV experiences.)  We're only talking here about economic advantages.

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How Do You Compare Costs of Vehicles with Different Fuel Types:

To compare the costs of fueling two vehicles of similar or different types, there are really only two variables:

The cost of the fuel:

• $/gallon for a gasoline vehicle in the US
• $/kilowatt hour (kWh) in an electric vehicle

The efficiency of the vehicle:

• Miles per gallon (MPG) in a gasoline car
• Miles per kWh in an electric vehicle

(Note:  The efficiency figures are generally available either on the vehicle's price sticker or online.  Gas prices you see on signs all over town, and the price you pay per kWh can be calculated from your montly utility bill.

ChooseEV is a consulting practice that contracts with utility companies to put together a suite of interactive tools to help those utilities educate end customers about the advantages of electrifying transportation.  Their EV Savings Calculator will compare the cost of driving a gasoline vehicle to the cost of driving an electric vehicle based on national averages for fuel cost and vehicle efficiency.  But the far more useful way to leverage the tool is by entering specifics for energy costs where you live and the efficiency of specific vehicles you are currently driving or might be interested in purchasing.

Below are a series of snapshots I'll use to demonstrate:

Let's Compare the Gasoline & Electric Versions of the Chevy Equinox

The Chevrolet Equinox is a very popular American-made car that comes in both gasoline and electric versions, making apples to apples comparisons much easier.  Three of our Sustainable Newton leaders -- Chris, Florian, and Theodosia -- each bought a new Equinox EV last year.  So let's see what they gained by choosing electric over gas.

In the image below, I selected the year (2026), make (Chevrolet), and model (Equinox) -- which then pre-filled the MPG for the gas model and the mile/kWh for the electric model (based on vehicle specs).

I put $4.00/gallon for gasoline because that was the prevailing rate in our area before the state suspended the gas tax last week.  I put $0.1289 for the utility kWh rate, because that is the State of Georgia average for residential rates, as documented by the Georgia Public Service Commission's semi-annual residential rate survey.

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Using the data above, the EV Savings Calculator displays comparison data for the cost to fuel and drive each vehicle:

For the price of one gallon of gas, you can go 27 miles in a gasoline Equinox, while the EV version will take you 100 miles for the same cost -- that's almost four times as far!

If you drive 15,000 miles in a year, you would save $1,621 when charging the EV Equinox at home, vs. fueling the gasoline model at the gas station.

After five years, the savings from driving the EV can really add up.  In this comparison, you saved $8,108 by fueling your Equinox with electricity rather than with gasoline.  Right now, the Manufacturer's Suggested Retail Price (MSRP) difference between the gasoline and EV versions would make the EV version $2,000 more expensive to buy -- so still a savings of more than $6,000 after five years.  But, Edmunds recommends paying ~$6,000 less for the EV, due to current dealers incentives and rebates available through some utility companies -- all of which could significantly increase your total savings.  And, if you buy a used vehicle, the potential to save is even greater.  (Note:  We're not telling you to buy the Chevrolet Equinox, we only used it for comparison purposes because the gasoline and EV models come in very similar trim packages.  We urge you to shop around to find the best vehicle for your unique situation.)

Consider All of the Variables for You Specific Situation

There are many factors that come into play in determining how your actual savings compare to this scenario.  The cost for electricity we've used assumes you are primarily charging your vehicle at home overnight, paying the standard price your utility company charges you for electricity.

If you we are unable to charge at home, you will pay more for electricity at a public charging station.  So factor that in.  To see what those costs typically are, you can use an app/website like PlugShare to see what's available near you and what the rates are for each station.

But, on the other side of the equation, your utility company may have time of use plans that let you charge during off-peak/late-night hours for a cost much lower than your daytime rates.  Or, you my have rooftop solar that lets you charge your vehicle for free!

All Things Considered, the Path Forward Is Clear

Stop worrying about the price at the pump or when the gasoline tax suspension expires.  Get yourself an EV and let gas prices be someone else's problem.  Let some of our members tell you have it feels to drive past the gas station without ever stopping.