Save money when driving an Electric Vehicle
Fuel Cost Savings
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Yearly Savings
The yearly fuel cost of driving an electric vehicle can be significant. On average the fuel cost for an electric vehicle is about half of what a gasoline vehicle costs, considering the national average of $.11/kWh. The example above uses the low rate of Lower Valley Energy at $.05/kWh
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Historically Stable
The above chart shows the average monthly retail fuel prices in the United State from 2000 to 2021. you can see the price of gasoline and diesel oscillate over the years but electricity rates remain relatively stable. Data last updated December 2021. Source: Clean Cities Alternative Fuels Price Reports/
Total Cost of Ownership
This is an example of the total cost of ownership of an electric truck vs. a gasoline truck. The depreciation value includes the purchase price, minus the resale price and the federal tax credit of $7,500. This also includes the low kWh cost of LVE electricity, $.05 per kWh and gasoline at $3.00 a gallon. Finally, this calculation assumes 11,400 miles traveled per year (National Household Travel Survey) and a vehicle life of 12 years (Oakridge National Laboratory Transportation Energy Data Book). A study by consumers reports found electric vehicles save owners an average of $6,000-$10,000 over the course of the lifetime of the vehicle when compared to the best in class gasoline equivalent vehicle. The above calculation, produced with the Department of Energy’s AFLEET tool, echos this finding.
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Federal Tax Rebate
A tax credit is available for the purchase of a new qualified electric vehicle. The minimum credit amount is $2,500, and the credit may be up to $7,500, based on each vehicle's traction battery capacity and the gross vehicle weight rating.
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State Incentives
Currently there are not any consumer vehicle rebates offered at the state level in the Greater Yellowstone Ecosystem states of Idaho, Montana and Wyoming. Please visit the link below to gain an understanding of state offerings.
Calculate your personal savings.
Additional Benefits
Monthly Costs
On top of incentives from both state and federal levels you will save money on both maintenance and electricity costs.
Image Source: carboncounter.com by the MIT Trancik Lab | Note: The chart shows data for new cars, SUVs and other models that retail for $55,000 or less. The most fuel efficient trim for each car is included and additional trim levels are shown for cars over $35,000 if they have a lower fuel economy rating than other trims shown (they are less efficient) by at least 4 miles per gallon.