How Much Can You Save Driving a New EV?

Two electric cars charging on the street.

An electric vehicle (EV) will help you lower emissions released into the environment. But can it also save you money?

Duke Energy’s Electric Vehicle Savings Calculator lets drivers make individual cost comparisons between driving their current vehicle and driving an all-electric vehicle.

“Drivers want specific information about the operational savings they can see if they switch to an electric vehicle,” said Brita Formato, Duke Energy’s managing director, Electrification Transportation. “We designed this online tool so drivers can make an apples-to-apples comparison with good information about the benefits of driving electric.”

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To use the tool, drivers need to:

  1. Estimate the miles they drive on a typical day
  2. Have a good idea about the miles per gallon their current vehicle gets
  3. Know the average price they are paying for a gallon of gasoline

To provide an accurate savings figure, the tool will factor in the price of additional electricity drivers are using when charging at home – since 80% of EV charging takes place at home.

Today, there are more than 1.7 million EVs on U.S. roads. The Edison Electric Institute and the Institute for Electric Innovation estimate this number will grow to 18 million EVs by 2030.

Variety is picking up, too. According to Edmunds, the online resource for automotive information, 30 EVs from 21 brands will become available for sale this year – compared to 17 vehicles from 12 brands in 2020.

Supporting the transition to EVs

Duke Energy is a major supporter of electric vehicles. It has already launched ambitious programs to expand EV charging both internally at Duke Energy locations and externally through several utility pilot programs. An internal “Electrify By Example” initiative is starting with an effort to install workplace chargers at all work locations to enable employees to drive electric.

In Florida, the company’s Park and Plug pilot has installed more than 570 EV public charging stations throughout the state. Fifty of the 570 are fast-charging stations connecting areas of Florida previously underserved by EV fast-charging infrastructure. To date, drivers have used the Park and Plug network for more than 65,000 charging sessions, displacing more than 100,000 gallons of gasoline.

Regulatory action in 2020 led to pilot programs being approved in both North Carolina and South Carolina. The pilot programs will lead to full fast charging for all types of EVs in about 20-30 minutes.

In North Carolina, a $25 million pilot program will lead to the installation of 200 public Level 2 and fast-charging stations, additional stations at multifamily buildings and a school bus electrification pilot that will allow school districts to change out diesel buses with electric ones.

In South Carolina, the company will provide up to a total of $1,000 for 400 residential Duke Energy Carolinas customers who install a Level 2 charging station, provide access to their charging data, and manage EV charging load to occur during off-peak periods. The company will also deploy 60 fast chargers there to expand access to fast-charging infrastructure in the state.

Duke Energy, a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 30,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities, and 3,000 megawatts through its nonregulated Duke Energy Renewables unit.

More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials.

Prepared by Randy Wheeless / Duke Energy.