Will I Save Money?
While the upfront cost for an electric vehicle can be much higher than a similar car with a combustion engine, the ongoing costs should be less.
Costs Based on Today’s Prices
The cost of fuel for a typical electric car (assuming 240 watt-hours per mile, 11.6¢ per kilowatt-hour (kWh), and only driven on electric) is 2.8¢ per mile compared to 11.0¢ per mile for a gasoline powered car (assuming 25 mpg and $2.75 per gallon).
The yearly cost of electricity to operate an all-electric vehicle would be approximately $336 (.028/mi x 12,000 miles/yr).
Fully charging a vehicle with a 100-mile range battery is expected to cost approximately $2.78 using today’s residential electric rate of 11.6¢ per kWh. That would be 0.83¢ a day for a 30-mile commute.
Additional operating benefits of the electric car include less (or no) maintenance for things like oil changes or tune-ups. Brakes should also last longer as the electric motor will act like a brake when you slow down or stop because the motor brake energy is used to partially recharge the battery.
Things Could Change
DP&L rates and gasoline costs are subject to change. There are many factors to consider when purchasing an electric car. The preceding information is based on electric and gas rates as of December 2010.
Some resources you might consider for more information on electric vehicle costs include: