The cost of EV ownership varies greatly from state to state. Places like Oregon, New Jersey, and Colorado offer some of the biggest savings to EV drivers. In other states, drivers who choose electric save less than $100 per year. The reason for these discrepancies in the price of maintenance and savings is multifaceted. Local taxes, insurance costs, and incentives all play a role in determining the true cost of ownership of an EV.
In the state of Maine, EV owners can expect to pay $1,903 in related ownership costs per year. This represents a savings of $951 when compared to gas-powered vehicles. New Hampshire residents pay a bit more at $2,152 and save a little less at $609.
It costs residents of Vermont $ 2,122 to own an electric vehicle, $899 cheaper than an ICE option. Connecticut ups the price considerably at $3013, saving EV drivers $455. New York EV drivers save $783 on the cost of ownership and pay a total of $2932. EVs cost $ 2,342 in New Jersey, but owners enjoy a massive $1,291 savings.
Rhode Island is the most expensive state in the region, coming in at $ 3,822, leaving EV owners with a paltry savings of $82.Pennsylvania is also pricey at $ 2,835 but offers $642 in annual savings. EV drivers in Maryland pay $ 2,029 for their cars and save $1,136.
In Delaware, EVs cost $ 2,235 and save drivers $1016. West Virginians can expect to pay $ 2711 and save $583. Virginian fare slightly better, paying $2,152 and saving $668. In South Carolina, EV’s cost $2,844 and save $527 over gas.
North Carolina pays less at $1,836 and saves more at $785. Floridians pay a whopping $3,237 and save just $440. In Georgia, EV ownership costs $2,855 and saves drivers $463. Alabama EV drivers spend $3,001 and save just $342 over ICE drivers. Mississippi EV owners can expect to pay $3,280 and save $296 per year.
Arkansas residents pay $3,107 to own an EV which saves them $346. In Kentucky, EV drivers pay $3,399 a year and save $379. Tennessee drivers will pay $2,804 and save $480. In Louisiana, EV drivers will pay $3,500 per year to save $648.
In Arizona, EV ownership costs $2,831 and saves $652. Texas EV drivers spend $3,314 and save just $38. Drivers in New Mexico can expect to pay $2,807 and save $517. EV owners in Oklahoma will pay $3,117 and save $383.
Utah EV owners will pay $2,454 per year and save $746. Washington EV drivers will pay $2,628 but enjoy $915 in annual savings over gas-powered vehicle owners. In Oregon, EV ownership costs $1,810 and saves a whopping $1,442.
Drivers in Nevada will pay $3,307 to own an EV and save $648 per year. Residents of Idaho will spend $2,352 on EV ownership and save $735. In Wyoming, EV ownership costs $2,583 and saves drivers $647. Residents of Montana will pay $2,507 and save $667.
North Dakota EV drivers pay $2,566 a year and save $603. In South Dakota, they pay $2,519 and save $598 over ICE drivers. In Nebraska, an EV costs $2,458 per year and saves its owner $647. Kansas residents pay a whopping $3,016 and save just $368. Minnesota, Indiana EV owners, will pay $2,437 and save $666 over gas vehicles. Missouri residents spend $2,788 to save $474.
In Wisconsin, EV owners spend $2,321 per year and save $593. Drivers in Illinois can expect an EV to cost them $2,711 and save $676 per year.EV drivers in Iowa spend $2,283 to save $662. Drivers in Ohio spend $2,385 annually to save $677. In Michigan, it costs a staggering $4,276 to maintain an EV which saves drivers just $79 per year.
The price of owning an EV can vary greatly based on location. Self finance has gathered data on EV ownership and related spending from all 50 states. Potential EV shoppers should consider the cost of ownership in their state when choosing an electric vehicle. These figures will likely continue to evolve as the EV segment continues to grow.