EV Owners: How Much Are You Saving?

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After reading some user comments about saving money each month by driving an EV instead of a gas or diesel vehicle, an idea came to write an article asking some of you EV owners how much you are saving each month during this time of extra high fossil fuel prices. Some of you also made comments about your savings, or potential savings, under this article about an online EV savings calculator.

We all know gas and diesel prices have surged, so there may be many EV owners who are pleased they get to charge using more affordable electricity. Some also have their own solar power and charge with their own electrons, not using only utility electricity.

Of course, there are other potential savings from using electric vehicles because they can have less maintenance and repair costs, such as no oil changes, etc. They also don’t have catalytic converters and other ICE parts that get stolen with some frequency and need to be replaced, so there is that cost as well for gas and diesel vehicles.

Surges in gas and diesel prices, such as the one happening right now, do occur with some regularity, though typically not that often. However, the savings an EV owner is enjoying today is not all there is, because there may be another gas and diesel price surge in the near future, with others to follow in the next ten to fifteen years.

There actually may be many reasons for gas and diesel price surges the general public doesn’t study and therefore doesn’t fully understand. “Gasoline prices can change rapidly if something disrupts crude oil supplies, refinery operations, or gasoline pipeline deliveries. Even when crude oil prices are stable, gasoline prices fluctuate because of seasonal changes in demand and in gasoline specifications.”

Some gas stations increase prices in spring, and for diesel in winter. They also may increase them slightly just before weekends begin because of a potential rise in demand. Gas prices can increase just before holidays as well.

Electric vehicle owners who charge at home may have some kind of precise charging data they can use to closely monitor their costs and plan their charges accordingly to get the lowest rates. Owning and operating an EV today may help save even more when there are gas and diesel price increases in the future. Solar panels are affordable now, and an EV owner who saves by driving on electricity could invest the savings in home solar to save even more.

So, if you own and drive an EV, how much have you saved so far, how much are you saving now, and how much might you save in the future?