Seattle-based nonprofit Coltura recently launched the Weekly EV Cost Savings Index, an online tool that estimates potential savings from switching to an electric vehicle.

The interactive tool allows users to select their state, vehicle type, and annual mileage to calculate savings based on local gasoline and electricity prices, which are updated weekly.

Savings Estimates and Market Context

According to the index, an EV driver traveling about 15,000 miles annually could save an estimated $1,805 per year on fuel and maintenance. For higher-mileage drivers, such as those driving 25,000 miles annually, estimated savings increase to about $3,008 per year.

Coltura said the cost per mile for gasoline vehicles remains higher than for electric vehicles, with the gap widening as fuel prices increase.

The organization also noted recent increases in gasoline prices, which have risen more than 30% since late February, contributing to higher operating costs for gasoline-powered vehicles. Electricity prices, by comparison, tend to be more stable and less affected by global oil market volatility.

Tool Features and Accessibility

The EV Cost Savings Index allows users to:

• Select their state to reflect local fuel and electricity costs

• Choose vehicle type, including car or truck/SUV

• Adjust annual mileage

• Compare fuel-only savings or combined fuel and maintenance savings

“With gas prices rising, drivers are evaluating whether electric vehicles can reduce exposure to price volatility,” said Janelle London, co-executive director of Coltura, in a news release. “This tool allows users to estimate potential savings based on their own driving patterns and location.”

The EV Cost Savings Index is available here.