With gas prices hovering around $5 per gallon in many parts of the Portland area, it’s no surprise that more drivers are asking whether an electric vehicle (EV) could help reduce driving costs.

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How Much Could You Save by Driving Electric?

While EVs are often discussed in terms of environmental benefits, many Pacific Northwest drivers are simply looking at the numbers. And when it comes to everyday operating costs, electric vehicles can offer significant savings compared to many gas-powered options.

Comparing Fuel Costs: Gas vs. Electricity

Let’s look at a common scenario.

A typical SUV or crossover averaging 25 miles per gallon costs about:

• 20 cents per mile to drive at $5.00 per gallon
• $5.00 ÷ 25 MPG = $0.20 per mile

An EV averaging 3.5 miles per kWh and charged at home at $0.19 per kWh costs about:

• 5.4 cents per mile
• $0.19 ÷ 3.5 = $0.054 per mile

What Does That Mean in Real Dollars?

For every 1,000 miles driven:

The more you drive, the greater the potential savings. A driver covering 10,000 miles annually could save approximately $1,450 per year on fuel costs alone.

Want to compare your current vehicle with a hybrid or EV?

Check out this tool

EVs Can Also Reduce Maintenance Costs

Electric vehicles have fewer moving parts than traditional gas-powered vehicles.

That often means:

• No oil changes
• No spark plugs
• Less brake wear due to regenerative braking
• Fewer engine-related maintenance items

Every vehicle is different, but many EV owners report spending less on routine maintenance over the life of their vehicle.

What About Rising Electricity Costs?

Across the country, growing demand from AI, cloud computing, and data centers have increased concerns about future electricity prices. Unfortunately, no one can predict future energy prices with certainty. Electricity rates may rise over time, just as gasoline prices can fluctuate. The key point is that EVs can still offer meaningful savings, even if electricity rates do increase over time.

For example:

• Gas vehicle (25 MPG at $5.00/gallon): 20 cents per mile
• EV charging at $0.19/kWh: 5.4 cents per mile
• EV charging at $0.24/kWh: 6.9 cents per mile

Even with a substantial increase in electricity rates, EVs still cost significantly less per mile when compared to fuel.

Why EVs Make Sense for NW Drivers

From Portland and Vancouver to Hood River and Eugene, many drivers are finding that modern EVs fit naturally into the NW lifestyle.

Today’s electric vehicles offer:

• Longer driving ranges than ever before
• Expanding charging networks throughout Oregon and Washington, including new fast-charging stations along major highways and travel corridors.
• Convenient overnight home charging
• Lower day-to-day operating costs

Financing Your Electric Vehicle

If you’re considering an EV or hybrid vehicle, Pacific NW Federal Credit Union’s Green Auto Loan specials can help make the transition more affordable. Qualifying hybrid and electric vehicles may be eligible for a special rate discount, helping you save on both financing and fuel costs.

It’s a good idea to get pre-approved before you start shopping, so that you can set a realistic budget. Getting pre-approved with PNWFCU is easy! Start the loan application process online, contact us to speak to a loan officer, or stop by your local branch.

Need Help Deciding?

Thinking about an EV but not sure where to start?

PNWFCU’s partners with Auto Mentors to help members shop for new and used EVs. They can help you compare electric, hybrid, and traditional vehicles, evaluate trade-in options, locate vehicles, and discuss financing solutions. Whether you’re ready to buy or just exploring your options, they can help you find the EV or hybrid that’s right for you.

The Bottom Line

Future fuel and electricity prices will always be difficult to predict, but with today’s costs, many drivers can significantly reduce their transportation expenses by switching to an electric vehicle.

Whether you’re commuting around town, heading to the coast for the weekend, or exploring the Columbia River Gorge, driving electric could put hundreds or even thousands of dollars back in your pocket each year.

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Want even more savings? Take advantage of our Green Auto Loan Special on hybrid and electric auto loans, for a limited time only!