Ev Calculator

Step-by-Step Guide to Using the Electric Vehicle Cost & Savings Calculator

Introduction

The Electric Vehicle (EV) Cost & Savings Calculator helps you estimate the financial implications and environmental benefits of owning an electric vehicle compared to a conventional gasoline-powered car. Follow the steps below to input your information and assess your potential savings and CO2 reduction.

Inputting Your Information

1. Annual Mileage:

   Enter the total number of miles you drive in a year. This should be a number between 1,000 and 100,000 miles.

2. EV Purchase Price ($):

   Enter the purchase price of the electric vehicle, which should be between $20,000 and $150,000.

3. Current Gas Price ($/gallon):

   Input the current cost of gasoline per gallon. Make sure it’s a value between $1 and $10, and you can specify down to the cent (e.g., $2.85).

4. Electricity Rate ($/kWh):

   Provide the rate you pay per kilowatt-hour for electricity. The range should be from $0.05 to $1 per kWh.

5. Gas Car MPG:

   Enter the miles per gallon (MPG) efficiency of your current gasoline car. The value should be between 10 and 60 MPG.

6. EV Efficiency (kWh/100 miles):

   Provide the energy consumption of the electric vehicle in kWh per 100 miles, which should range from 20 to 50.

7. Available Tax Incentives ($):

   Enter any applicable tax incentives for purchasing an EV, ranging from $0 to $10,000.

Calculating Your Results

Once all input fields are filled out, the calculator will compute the following:

1. Annual Gas Cost:

   Calculated by dividing your annual mileage by your gasoline car’s MPG and multiplying by the gas price.

2. Annual Electricity Cost:

   Computed by multiplying your annual mileage by your EV’s efficiency in kWh, then by the electricity rate.

3. Annual Fuel Savings:

   The difference between the annual gas cost and the annual electricity cost.

4. Net EV Cost After Incentives:

   The EV purchase price minus any available tax incentives.

5. Payback Period (Years):

   The time it takes to recoup the higher upfront costs of the EV through fuel savings, calculated by dividing the net EV cost by annual savings.

6. Annual CO2 Reduction (lbs):

   The expected reduction in CO2 emissions, calculated from your gasoline consumption, assuming 19.6 lbs of CO2 per gallon of gasoline.

Conclusion

Utilizing this calculator, you can gain insights into the cost savings and environmental benefits of switching to an electric vehicle. Adjust the input values to see how different factors influence your results, helping you make an informed decision about your vehicle choice.