A lot of people talk about EVs and how EV adoption can reduce greenhouse gas emissions. Lets say that you are the furthest thing from a ‘tree hugger,’ I still think you should consider an EV and I’ll tell you why.
Charging Cost Savings (vs Gas)
I realized the other day that I had no idea of the price of gas. Of course, I hear about gas prices increasing on the news but the fluctuation in gas prices is no longer effecting my wallet.
I pay a premium to charge my car because I value speed and a consistent charging experience but I pay the same price of $0.31/kWh across the country. When I translate this to $/mile for my EV and compare this to the $/mile of my 2012 Ford Focus using average gas prices in March 2022, I save nearly 40% per mile.
You can see the details on my savings calculation in the table below. You can calculate the same by using your typical miles per gallon for your ICE vehicle and tailor the gas pricing for your city. I noted 2.8 miles/kWh as conservative as I can typically realize 3.3 miles/kWh but for the sake of creating a conservative savings template, I used 2.8 miles/kWh in the calculation below.
I drive about 12,000 miles a year. My estimated annual savings is ~$1,062 using only public DC fast charging. Using the same ICE inputs but looking at home charging, you could save over $1,800 a year.
For those with home charging, you can confirm your cost to charge with your local utility. For example, my local utility charges 6.776¢/kWh, this is significantly cheaper than premium public charging and will lead to major savings as compared to buying gas for an ICE vehicle.
| Mach-E | Ford Focus | ||
| Conservative Driving Efficiency | 2.8 miles/kWh | Ave. Miles per Gallon | 25 mpg |
| Cost per kWh Public DC Fast Charging | 0.31 $/kWh | Cost per Gallon of Gas (3/2022 Chicago Ave.) | 4.562 $/gal |
| Cost per Mile Public DC Fast Charging | 0.1107 $/mile | Cost per Mile | 0.1825 $/mile |
| Cost per kWh Home Charging (US Ave.) | 0.1042 $/kWh | ||
| Cost per Mile Home Charging | 0.0316 $/mile |
EV ‘Fuel’ Savings
| Public DC Fast Charging | Home Charging |
| 0.0718 $/mile | 0.1509 $/mile |
| 39.3% | 82.7% |
Maintenance Cost Savings
Say good-bye to oil changes! EVs in general have significantly fewer parts, this means maintenance is more straightforward and there are fewer potential points of failure. I still have to ensure I have wiper fluid and care about my brakes and tires for my Mach-E but I don’t have to account for a half day at my mechanics every ~6 months for basic required maintenance.
Tax Credits
If you purchase a new EV, you likely qualify for a $7,500 Federal income tax credit so you can realize some additional savings over the sticker price of your new EV. Many states are adding EV State income tax credits that could lead to greater savings.
All the Bells and Whistles
I love all the safety features of my Mach-E. I understand that many of these are available in new ICE vehicles but most manufacturers have made their EVs top of the line. There are sensors everywhere to help you be a safer driver, which helps you and everyone else on the road.
Speaking specifically about my Mach-E, I am often on calls for work while I am in the car and my Mach-E is super quiet inside and has Apple CarPlay so that my phone automatically connects when I get in the car.
The ride is also very smooth and comfortable, this plays a significant role for one of my dogs that gets car sick and my manual (stick shift) Ford Focus made even short rides challenging for him.
Lastly, it’s just a freakin’ cool car.