PHILADELPHIA — As the electric vehicle (EV) market continues to grow, a new tool has emerged to help potential buyers calculate their potential savings. This innovative resource aims to address one of the most pressing questions for those contemplating the switch to electric: how much money can they actually save?

Interest in the cost benefits of electric vehicles is on the rise, with many consumers eager to understand the financial implications of leaving traditional gasoline-powered cars behind. “The number one thing on people’s minds today is, how can I save money?” explained Josh Boone, executive director of Veloz.

Veloz, an influential industry group committed to speeding up the transition to electric vehicles, is leveraging this curiosity to promote the advantages of EVs. By focusing on the tangible benefits, Veloz aims to encourage more people to consider electric vehicles as a viable and cost-effective alternative.

The mission of the industry group is to rapidly accelerate the adoption of electric vehicles.

One of the ways Veloz is trying to get that done is by highlighting the benefits.

“The average person can save around $2,000 a year on gas, and this provides consumers with about $166 in savings per month,” Boone said.

Those savings depend on how much and how far you drive.

Veloz has a national database and website called ElectricForAll.org.

On that site, you’ll find a calculator to figure out how much you would save.

You simply input the kind of EV you want to drive, the distances you drive per year, the miles per gallon of your current gas vehicle, the average cost of gas where you live and your zip code. The zip helps determine the cost of electricity in your area.

After you put in all the information, you will have an estimated fuel savings amount and a total annual savings, which includes the money you save on maintenance.

“Imagine with an electric vehicle, you never have to change an oil filter, you don’t have to change spark plugs, or do regular tune-ups. EVs just have fewer moving parts overall, and so there’s less maintenance,” Boone said.