Report: Calculate how much money can be saved driving a new EV

EV savings calculator lets drivers make individual cost comparisons between driving their current vehicle & driving an all-electric vehicle; EV population will grow to 18 million by 2030.

Duke 2From Aftermarket Matters

CHARLOTTE, N.C. — An electric vehicle (EV) will help lower emissions released into the environment. But can it also save money?

Duke Energy’s Electric Vehicle Savings Calculator lets drivers make individual cost comparisons between driving their current vehicle and driving an all-electric vehicle.

“Drivers want specific information about the operational savings they can see if they switch to an electric vehicle,” said Brita Formato, Duke Energy’s managing director, Electrification Transportation. “We designed this online tool so drivers can make an apples-to-apples comparison with good information about the benefits of driving electric.”

To use the tool, drivers need to:

  1. Estimate the miles they drive on a typical day
  2. Have a good idea about the miles per gallon their current vehicle gets
  3. Know the average price they are paying for a gallon of gasoline

To provide an accurate savings figure, the tool will factor in the price of additional electricity drivers are using when charging at home — since 80 percent of EV charging takes place at home.


Today, there are more than 1.7 million EVs on U.S. roads. The Edison Electric Institute and the Institute for Electric Innovation estimate this number will grow to 18 million EVs by 2030.

Variety is picking up, too. According to Edmunds, the online resource for automotive information, 30 EVs from 21 brands will become available for sale this year, compared to 17 vehicles from 12 brands in 2020.