With federal tax credits for electric vehicles having expired Sept. 30, many people in the market for a new car have been left wondering if an EV can still save them money over a gas-powered car. Making matters more complicated, contrasting EVs against gas cars can often feel like comparing apples to oranges.
Thankfully, The New York Times has unveiled a tool that allows users to compare costs between EVs and internal combustion engine vehicles.
The Electric Vehicle v. Gas Car Calculator lets users choose from a collection of pre-selected models or enter specs for any vehicle. The calculator takes into account details such as cost, efficiency, years of ownership, and miles driven per year to help users compare the lifetime costs of ownership.
One of the aspects that makes comparing EVs and gas cars so complicated is that, while EVs often cost more up front, they also frequently have significantly lower costs of ownership. This is because EVs typically require less routine maintenance and because charging an EV can be cheaper than filling up at the gas pump.
To help visualize this difference, the Times calculator generates a handy graph that charts the total cost of ownership over the years, showing whether a particular EV will eventually become cheaper to own than a specific gas car. The chart extends out 15 years, with incremental data showing the cost of ownership after five and 10 years.
However, one factor that significantly impacts the cost of EV ownership that the Times' calculator does not take into account is the manner by which one charges their car. For example, charging at home is significantly cheaper than doing so at public charging stations.
For those looking for more information about how much it would cost to install a Level 2 EV charger in their home, Qmerit provides free online quotes that require only basic information about users' garages and electrical panels.
Readers filled up the calculator's comment section with their takes on the tool, with one user calling it "super useful."
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Others pointed out some vehicle options that the calculator does not include. For example, many touted the benefits of plug-in hybrid vehicles that can run on electricity or gas.
"New buyers, please look at plug-in hybrids as an option, especially if you drive mostly local," one commenter wrote. "Since I bought a Prius Prime plug-in, I can go months without needing petrol."
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Yes — in the next 6 months 🙌 Others pointed out the cost savings, environmental benefits, and convenience of charging at home, particularly when using solar panels paired with chargers such as those offered by Qmerit.
"I have a rooftop solar system," one person shared. "Gasoline and electricity here in Hawai'i are roughly the same costs as California. Charging our Bolt EUV at home and running our home from solar, our savings are approximately $6k per year."
If you'd like to learn more about home solar, EnergySage offers simple yet powerful free online tools that allow users to do everything from compare quotes among vetted local installers to easily see which rebates and other financial incentives are available in their areas.
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