The Electric Vehicle, or the EV, is one of the biggest inventions of the last few years. The push for EVs has been caused by a number of factors including climate change, the availability of new technology, and the rise of EV industry giants like Tesla who are willing to invest billions in the development of electric cars. A lot of people are interested in buying an EV for the potential cost savings that this type of car offers. As a matter of fact, the Department of Energy is currently helping users understand the true cost of driving an electric vehicle by estimating the amount of electricity needed to drive a mile and translating it to gasoline.
The concept is called eGallon. It is designed to give the public a clear picture of the amount of gasoline it would take to drive an EV if the electricity used is converted into gas. Based on this calculus, the Department of Energy claims that you can save up to 56.87% in fuel costs driving an EV compared to when you are driving a gasoline car. However, the savings actually vary from state to state. In some states, for example, you can save over 70% in fuel costs driving an EV compared to a normal gasoline car. We looked at the data from the Department of Energy and analyzed the savings per state.
Here is the top ten list of states that offer the highest percentage savings.
- Washington - 71.28% ($2.96 gasoline vs. $0.85 eGallon)
- Oklahoma - 68.75% ($2.56 gasoline vs. $0.80 eGallon)
- North Dakota - 67.58% ($2.56 gasoline vs. $0.83 eGallon)
- Missouri - 67.19% ($2.56 gasoline vs. $0.84 eGallon)
- Louisiana - 66.39% ($2.38 gasoline vs. $0.80 eGallon)
- Nebraska - 66.02% ($2.56 gasoline vs. $0.87 eGallon)
- Oregon - 65.96% ($2.85 gasoline vs. $0.97 eGallon)
- West Virginia - 64.80% ($2.50 gasoline vs. $0.88 eGallon)
- Arkansas - 64.29% ($2.38 gasoline vs. $0.85 eGallon)
- Kentucky - 63.67% ($2.56 gasoline vs. $0.93 eGallon)
From this analysis, it looks like most of the states that offer the highest savings are located either in the South or the Midwest. In addition to this, the data also shows that people that live in the Northeast have the lowest cost savings with EVs. But in all but one state, the cost of eGallons is lower than the cost of gasoline. This means that you get to save some money driving an EV in any state but one. Hawaii is the exception. The cost of a eGallon is higher than that of real gasoline, which means you actually lose money driving an EV here.
In addition to this, in all but three states the cost of eGallons is less than $2. From this analysis, it can easily be argued that EVs are much better in saving on fuel than traditional gasoline cars. Even though you will need a substantial amount of money to purchase an EV, in the long run, the savings are indeed worth it. Besides, there are also a number of tax credits and incentives offered by various states and the federal government to encourage people to buy EVs.