With electric vehicles (EVs) gaining popularity in the US, car buyers in most major cities could be saving an average of nearly $800 a year in fuel costs if they made the switch, according to the Union of Concerned Scientists. So, in which states are EVs currently experiencing a boom, and could an EV be right for you?
Electric Vehicle Rate Plans
EV buyers have two plans to choose from: a standard rate plan and a time-of-use (TOU) rate plan. Much like gasoline-powered cars, EVs can only go so far on one charge and, depending on what state and major city you live in, one rate plan might be better than the other.
Between the two, TOU plans are the best option for saving money on charging costs, but not all major cities offer this. For example, a TOU rate isn’t available in Washington DC, only a standard one is, where the cost to charge an EV vehicle is equal to paying $0.90/gallon for gasoline. Here’s how it shakes out in other regions/cities:
Top 3 Cities by Region
We break down some of the cities where electric cars can save you the most money compared to the average gasoline-powered new vehicle using the Union of Concerned Scientists' report "Going From Pump to Plug":
Northeast Region
1. New York, NY
- Annual fuel cost savings with TOU rate: $1,061
- Cost of electricity on standard rate plan: $1.35/gallon equivalent
- Cost of electricity on TOU rate plan: $0.36/gallon equivalent
2. Philadelphia, PA
- Annual fuel cost savings with TOU rate: $917
- Cost of electricity on standard rate plan: $0.58/gallon equivalent
- Cost of electricity on TOU rate plan: N/A
3. Burlington, VT
- Annual fuel cost savings with TOU rate: $746
- Cost of electricity on standard rate plan: $1.29/gallon equivalent
- Cost of electricity on TOU rate plan: $0.90/gallon equivalent
South Region
1. Atlanta, GA
- Annual fuel cost savings with TOU rate: $932
- Cost of electricity on standard rate plan: $0.87/gallon equivalent
- Cost of electricity on TOU rate plan: $0.32/gallon equivalent
2. Miami, FL
- Annual fuel cost savings with TOU rate: $911
- Cost of electricity on standard rate plan: $0.90/gallon equivalent
- Cost of electricity on TOU rate plan: $0.52/gallon equivalent
3. Raleigh, NC
- Annual fuel cost savings with TOU rate: $862
- Cost of electricity on standard rate plan: $0.73/gallon equivalent
- Cost of electricity on TOU rate plan: $0.41/gallon equivalent
Midwest Region
1. Indianapolis, IN
- Annual fuel cost savings with TOU rate: $985
- Cost of electricity on standard rate plan: $0.68/gallon equivalent
- Cost of electricity on TOU rate plan: $0.30/gallon equivalent
2. Minneapolis, MN
- Annual fuel cost savings with TOU rate: $974
- Cost of electricity on standard rate plan: $0.96/gallon equivalent
- Cost of electricity on TOU rate plan: $0.25/gallon equivalent
3. Chicago, IL
- Annual fuel cost savings with TOU rate: $911
- Cost of electricity on standard rate plan: $0.70/gallon equivalent
- Cost of electricity on TOU rate plan: N/A
West Region
1. San Francisco, CA
- Annual fuel cost savings with TOU rate: $1,077
- Cost of electricity on standard rate plan: $3.09/gallon equivalent
- Cost of electricity on TOU rate plan: $0.78/gallon equivalent
2. Sacramento, CA
- Annual fuel cost savings with TOU rate: $1,034
- Cost of electricity on standard rate plan: $1.00/gallon equivalent
- Cost of electricity on TOU rate plan: $0.60/gallon equivalent
3. Las Vegas, NV
- Annual fuel cost savings with TOU rate: $1,006
- Cost of electricity on standard rate plan: $0.93/gallon equivalent
- Cost of electricity on TOU rate plan: $0.41/gallon equivalent
The Bottom Line
Electric vehicles can save you money in many cities because they're often cheaper to charge than it is to refuel the average gas-powered car. If you’ve been thinking about buying an EV to save money, Auto Credit Express may be able to help you find financing.
We work with an extensive network of dealers who have the lending resources available to work with credit-challenged consumers. Simply fill out our free, no-obligation auto loan request form to get started today.
