Switching from a petrol or diesel car to an electric vehicle (EV) can result in significant savings on fuel costs. Here is a basic calculation to help estimate the potential savings:
- Calculate your current fuel cost: Determine how much you are spending on fuel each month by calculating the total distance you drive in a month and multiplying it by your car’s fuel efficiency (in km/l or l/100km). Multiply this by the current fuel price to get your monthly fuel cost.
- Estimate your electric vehicle’s energy consumption: Research the energy consumption of the EV you are considering (in kWh/100km). Multiply this by the total distance you drive in a month to get your monthly energy consumption.
- Calculate your electricity cost: Find out your electricity rate (in Rs/kWh) from your electricity provider. Multiply this by your monthly energy consumption to get your monthly electricity cost.
- Compare the costs: Subtract your monthly electricity cost from your monthly fuel cost. This will give you an estimate of the monthly savings you could achieve by switching to an electric vehicle.
For example, let’s assume that you drive 1,000 km per month and your current car has a fuel efficiency of 12 km/l. With petrol priced at Rs. 100 per liter, your monthly fuel cost would be around Rs. 8,333. If you switch to an EV with an energy consumption of 20 kWh/100km, and electricity costs Rs. 5 per kWh, your monthly electricity cost would be around Rs. 1,000. This would result in monthly savings of Rs. 7,333.
It’s important to note that there are other factors to consider when comparing the costs of EVs and petrol or diesel cars, such as the purchase price, maintenance costs, and incentives. However, fuel savings can be a significant factor in the long-term cost of ownership and should be taken into account when considering an electric vehicle.