Will an Electric Car Save You Money? – Consumer Reports

Why it matters: The cost of the electricity to charge an EV is almost always hundreds of dollars less per year than the fuel expense for a similar gas-powered vehicle. But exactly how much can vary widely depending on the electricity rates and gas prices where you live. For example, electricity can cost twice as much per kilowatt-hour (kWh) in Connecticut as it does in Oregon.

How to save: Figuring out an EV’s energy costs is a lot more complex than doing the same for a gas-powered car. But the Department of Energy’s Alternative Fuels Data Center has an easy-to-use calculator at afdc.energy.gov/calc.

And it helps to keep a few general principles in mind. For example, if you live somewhere with high gas prices and low electricity costs, such as the West Coast, an EV will almost always be less expensive to run than a conventional car or hybrid. But in New England, where gas prices are lower and electricity prices are generally higher than out West, those savings may be negligible and tilt the balance in favor of a gas-electric hybrid with a less-expensive purchase price.

“Depending on local gas and electricity costs, hybrids might make better financial sense than EVs for some buyers, especially because many have outstanding long-term reliability,” Fisher says. Before deciding whether to buy an EV, see if your utility company offers discounted “off-peak” charging or if free charging is available at work or in your neighborhood. Some automakers, including Hyundai, Kia, Toyota, and Volkswagen, offer free access to certain high-speed public chargers for a few years after a vehicle purchase.