The operating cost savings from switching to an electric or plug-in vehicle are typically a combination of fuel cost savings and maintenance savings. If this calculation also takes into account other ownership factors like insurance, purchase, etc, it’s called a “total cost of ownership” analysis.
Electric vehicle fuel cost savings are calculated by taking an average annual mileage figure, then using the fuel efficiency and fuel costs for each vehicle type, gasoline, and electric, to generate a total fueling cost for each. For an electric car, the fuel efficiency is a measure of how far the car can drive with a given electrical energy input, and the fuel cost is the electricity rate, assumed to be a simple figure like $0.xx / kWh, though, in practice, demand and other additional utility charges can apply depending on your electric rate and when you charge your electric car. For a gasoline car, the fuel efficiency is just a typical MPG value, and the fuel cost is the price per gallon of gasoline. For a plug-in-hybrid, the calculation involves elements of both electric and gasoline vehicles, combined at a ratio gathered from a particular user’s driving behavior and vehicle type.
Maintenance cost savings consider the reduced cost of maintenance per mile for an EV vs a gasoline vehicle and apply this to your anticipated annual mileage. This widget does not model maintenance cost savings, but you can inquire about this at your local Genesis dealer. https://www.genesis.com/us/en/genesis-retailer-location.html
Total Cost of Ownership
Purchase cost savings consider the cost of an electric vehicle after deducting EV incentives offered by the federal government, state, utility county, and city. Typically, incentives are not offered for gasoline vehicles so the purchase cost alone is used.
The savings deduct the costs of an electric vehicle from the cost of an equivalent gasoline vehicle to model the higher purchase price of an EV. Even with this higher purchase price, there can still be valuable savings that accumulate over time (especially after the breakeven point at which the costs of owning either a gas or electric vehicle equalize).