Are you considering an electric vehicle (EV) for your next new car? Tucson Electric Power’s new EV Comparison tool can help you evaluate the costs and benefits of buying a new EV instead of a gas-powered vehicle.
EVs are increasing in popularity for their financial and environmental benefits. But they typically cost more than a comparable conventional vehicle, prompting potential buyers to wonder whether the additional investment will pay off.
“Comparing vehicles with two different fuel types can be complicated,” said Ted Burhans, Director of Emerging Technology & Innovation. “Our EV Comparison tool simplifies the comparison of new electric with new gas powered vehicles by using realistic assumptions to provide accurate estimates of the potential cost savings.”
To start the comparison, enter the brand, model, and the year for both the EV and gas-powered vehicle you’re considering buying. Next, you’ll be prompted to enter your address, daily miles driven and the amount of your average electric bill or kilowatt hours used each month.
With those inputs, the tool projects the energy cost and carbon emission impacts of choosing an EV. It also compares upfront vehicle and financing cost, incentives, miles per gallon or EV range per charge and monthly operating expenses. If the EV has a higher up-front cost, the report projects when (or if) you’d reach a break-even point and calculates your potential total savings over the vehicle’s lifetime.
The tool can be customized by changing some of the assumptions, such as your TEP pricing plan, price per gallon of gasoline, driving habits and vehicle financing rates. You can view your options side-by-side to understand how different scenarios affect your short and long-term costs.
“Purchasing a vehicle is a big expense and decision,” said Burhans. “This new tool will help our customers ‘crunch the numbers’ and get a true comparison between vehicles to decide whether buying an EV is a good investment for them.”
In many cases, the answer is yes. Charging an EV costs just about a third as much as fueling a comparable conventional vehicle on a per-mile basis. EVs also have fewer moving parts than standard cars, which eliminates many repair and maintenance costs.
EVs have a smaller carbon footprint than conventional vehicles and produce no tailpipe emissions, improving local air quality.
Plus, EVs deliver a quiet and smooth ride with instant torque and plenty of horsepower. One kilowatt equals about 1.34 horsepower, so an EV that produces 80 kW is the equivalent to a 107 HP gas-powered vehicle.