One State Saves EV Drivers $2,346 A Year, Then The Insurer Takes A Third Back
Rising electricity prices still trail well behind the surge at the pump. Big savings can be found in states with high gas costs and low electricity costs. However, EVs tend to cost more to insure, eating into the fuel savings. A new analysis of the US car market reveals how much the average driver could save on fuel by switching to an EV. On average across the country, replacing a gasoline-powered vehicle with a typical EV charged at home currently saves drivers nearly $1,500 a year at the pump. However, that figure varies considerably by state, with the West generally delivering the biggest savings. See: Ford’s $30,000 Electric Pickup Just Got Its First Official Look By pairing the average driving distance of American motorists with typical fuel and electricity prices, Bloomberg has mapped where buying an EV makes the most sense. Leading the charge is Washington, home to the third-highest gas prices in the country yet also among t...