Cost savings are real... really real!

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SoFlaModel3

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#1
I have now had my Model 3 for 4 months and the cost savings are staggering! Anyone who says we're not yet at "cost parity" with ICE vehicles is not considering the full cost of ownership. Not only are we there, the Model 3 blows away the competition. Check it out!

 

RIP_OPEC

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I have now had my Model 3 for 4 months and the cost savings are staggering! Anyone who says we're not yet at "cost parity" with ICE vehicles is not considering the full cost of ownership. Not only are we there, the Model 3 blows away the competition. Check it out!

Furthermore, a significant factor that is often overlooked is the depreciation rate. I recall seeing a graph on Electrek, showing that a Model S easily retains over half it's value after 100k miles, and this was compared to lowest depreciation-rate ICEs - not a single ICE maintained even 50% value after 100k.

People always say Teslas are overpriced, and that they can get a "nice" Chevy Bolt/Volt instead for a fraction of the price. Well, anything Chevy is going to be practically worthless when you try to sell it in 5 years. You'll get most of your money back from selling a Tesla, so it's actually the smarter investment.
 

KarenRei

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#3
In US figures our gas is around $8/gal, but residential electricity is like $0,12/kWh (commercial electricity is super-cheap, but distribution fees make it cost more to homes). The savings for driving electric here are insane. Like , for 20k km a year, <$400/year to drive a Model 3, vs. $2k for a a super-efficient hybrid, $3k for a normal sedan, and $4k for a sports sedan.

Buying is no different. With 0% VAT on EVs here, but high, partially-emissions-based VAT on ICE vehicles, you save ~30% vs. a regular sedan and ~40% vs a sports sedan on the purchase price.

Seriously pays for itself.
 
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#4
Thanks for the video. I'm in NJ and I have an Audi A4 which is similar to the Model 3. Premium gas is $3.06 but energy cost average for past 12 months has been $.139/kwh. Same calculations will save me $540 in NJ over those exact miles.

Your energy cost seems to be really cheap. How is it only .10? Time of day meter? I will say mine is a 12 month average and I took total cost based on Kwh used not looking at time of day which I do have. I anticipate my cost will be cheaper than what my average is.

I do not drive as much as you but do anticipate 12K miles/yr. Based on that it will be more than a $5,500 savings in fuel cost.
 

SoFlaModel3

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Thanks for the video. I'm in NJ and I have an Audi A4 which is similar to the Model 3. Premium gas is $3.06 but energy cost average for past 12 months has been $.139/kwh. Same calculations will save me $540 in NJ over those exact miles.

Your energy cost seems to be really cheap. How is it only .10? Time of day meter? I will say mine is a 12 month average and I took total cost based on Kwh used not looking at time of day which I do have. I anticipate my cost will be cheaper than what my average is.

I do not drive as much as you but do anticipate 12K miles/yr. Based on that it will be more than a $5,500 savings in fuel cost.
Electricity is fairly cheap here in South Florida and there are no peak/off-peak variations. The only thing is that if I hit my cap, anything over the cap is slightly more expensive.
 

NR4P

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#6
Thanks for the video. I'm in NJ and I have an Audi A4 which is similar to the Model 3. Premium gas is $3.06 but energy cost average for past 12 months has been $.139/kwh. Same calculations will save me $540 in NJ over those exact miles.

Your energy cost seems to be really cheap. How is it only .10? Time of day meter? I will say mine is a 12 month average and I took total cost based on Kwh used not looking at time of day which I do have. I anticipate my cost will be cheaper than what my average is.

I do not drive as much as you but do anticipate 12K miles/yr. Based on that it will be more than a $5,500 savings in fuel cost.
I live in same area as @SoFlaModel3 and his numbers on electricity cost are accurate. Just under 11cents kwh, 24x7. That's after the first 1000kwh of use per month. The first 1000 is a bit less. But homes in S. Fla are air conditioned most if not all months so we all go over 1000kwh.

In parts of the country with nighttime rates, it could be less.

The cost aside, I just like knowing I am not polluting the environment when I drive my M3.
 
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#7
All great stuff. I had a Fusion Energi but felt it just wasn't what i was looking for with only 25mi on electric before switching to ICE so I went with A4 until the 3 came out. Excited about it making the change to full EV! If I can stay with mostly night charging at less than $.10/kwh I think I can realize much of what you get in SoFla. Either that or make my move back down to Tampa or Ft. Myers. :)

Love learning and hearing experiences on here and have so many other questions that I know do not pertain to this particular area.
 

JDM3

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#8
So I just got my first electricity bill since picking up the M3 (or Super T as my youngest daughter likes to call it). We have TOU pricing with 6.5c/kwh from 7pm to 7am and all day weekends/holidays. My last bill covered the first 34 days of Super T ownership and I have the car plugged in most nights charging from 12am to 5am (I'm actually on an EV pilot program that gives me 2.0c/khwh during that period of time). During those 34 days we covered conservatively 5,000km. I was able to calculate the cost during that time (which also included a/c and other ambient electrical use), and at 6.5c the cost was $82 and the 2.0c pilot rate the cost was around $23. Even if the pilot rate never comes into production, 5,000km for $82 is insane! Even with my extremely light drinking Nissan Sentra, 5,000km would have run me around $500 in gas. Now it would take me 10 years of this savings to get me down to the cost of a Sentra, but you just can't compare the vehicles.

And by the way, where else can you stop at a park or shopping mall and get 50km free while you go for a stroll or pick up your groceries? I don't think I've ever seen someone with a gas can offering me free gas!
 

thril

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#9
So I just got my first electricity bill since picking up the M3 (or Super T as my youngest daughter likes to call it). We have TOU pricing with 6.5c/kwh from 7pm to 7am and all day weekends/holidays. My last bill covered the first 34 days of Super T ownership and I have the car plugged in most nights charging from 12am to 5am (I'm actually on an EV pilot program that gives me 2.0c/khwh during that period of time). During those 34 days we covered conservatively 5,000km. I was able to calculate the cost during that time (which also included a/c and other ambient electrical use), and at 6.5c the cost was $82 and the 2.0c pilot rate the cost was around $23. Even if the pilot rate never comes into production, 5,000km for $82 is insane! Even with my extremely light drinking Nissan Sentra, 5,000km would have run me around $500 in gas. Now it would take me 10 years of this savings to get me down to the cost of a Sentra, but you just can't compare the vehicles.

And by the way, where else can you stop at a park or shopping mall and get 50km free while you go for a stroll or pick up your groceries? I don't think I've ever seen someone with a gas can offering me free gas!
I'm in Ontario also, there are other fees on top of the per kwh rate for Hydro One but it's still amazing! I calculated similar numbers, with ROI of about 7 years versus our X3 SUV it replaced. If the Tesla lasts 10 years at 5k a month the cost is recovered.. people don't believe me when I tell them this!

Are you with Hydro One? How did you get on that 2c program?
 

Twiglett

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#10
Its rather interesting. I'm seeing that the Model 3 uses much less energy than my old Leaf.
I've mentioned it before in other threads, but in the Leaf I'd avoid AC or only have it set at 78F, rarely exceed 60-65 mph etc etc
With my Model 3 I leave the AC on 74F at all times and only limit my speed to +5 over whatever the limit is - and I'm still averaging better watts per mile.
 

JDM3

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Are you with Hydro One? How did you get on that 2c program?
With Powerstream. They have this APP program that runs until end of February 2019. I actually signed up for it awhile back with no real intention on getting an EV, but after my Dad decided to pass on the M3, I took his order and now I'm benefitting from the pilot rate and loving the car.
 

garsh

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I've mentioned it before in other threads, but in the Leaf I'd avoid AC or only have it set at 78F, rarely exceed 60-65 mph etc etc.
The Leaf definitely chews a lot more electrons when you go faster. But I find that the AC doesn't use much at all. I leave my AC on low pretty much all the time, just to dehumidify.
 

Jim Brown

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#13
I've only checked once so far, by comparing this month's electric bill with the same month last year. The difference was only $29.48. I don't drive a lot, but when I was using gas, I would fill up approximately 3 or 4 times a month and spend $25 to $30 each fill-up. Seems like a pretty good deal so far.
 

HCD3

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I have now had my Model 3 for 4 months and the cost savings are staggering! Anyone who says we're not yet at "cost parity" with ICE vehicles is not considering the full cost of ownership. Not only are we there, the Model 3 blows away the competition. Check it out!

Thanks very much for the video SoFla. I’m at 25 cents per kWh here in Ma so my savings aren’t as good as yours. My utility up here told that the summer rates start July 1st so then my savings will be more in line with yours. Rate goes to 11 cents per kWh.
 

Mr. Spacely

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I have a free charger at work, and at the mall we go to, and at our favorite restaurant. I only "top off" a bit at home on rare occasions. So I'm saving about $2,500 per year on gas and oil changes...
 
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Thanks very much for the video SoFla. I’m at 25 cents per kWh here in Ma so my savings aren’t as good as yours. My utility up here told that the summer rates start July 1st so then my savings will be more in line with yours. Rate goes to 11 cents per kWh.
Are you sure about that rate? Which utility do you have? I have Eversource in Waltham and have never had rates like that. The delivery charge alone is about 11.5 cents/kWh and does not change during the summer, while the supply charge does vary. I could see the supply charge going to 11 cents, but not the total supply + delivery. If it's your supply charge dropping to 11 cents, you can do better than that year round. While my power is delivered by Eversource, I use Town Square Energy as a supplier, at 10.07 c/kWh vs the 13.6 cents I paid through Eversource. It's still billed through Eversource and was a painless transition, just filled out a form on their web site.

The state government has a web site here where you can search for alternate suppliers by price, contract term, percentage of renewable energy, etc.

ETA: The site will also show the main provider's seasonal rates. For me it shows Eversource at 13.588 c/kWh Jan-Jun and 10.836 c/kWh Jul-Dec, which is more in line with the 11 cents you were told. ETAA: duh, just noticed your zip code is in your location, checked on the site and also Eversource. So yeah, you can do cheaper than them year round. Not much but it does add up. :cool:
 

Nom

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#17
Yea, I don't think anywhere in MA goes to close to 12 cents / kwh. Between the actual electricity and delivery its north of 20 cents / kwh. @HCD3, I think you weren't quoted both sides of the bill.

I happened to be monitoring spending before getting my model 3 ..... gave me a good sense for gas costs. I'm lucky that I get most of my charge for free at work. I think I'm saving north of $175 a month on energy costs after netting out my year over year electric bill increases. I'm at 13K miles in 6 months. No oil change. No servicing needed at all. Am going to rotate tires in a couple weeks ... looks like the mobile service team will come to my house. $95. Not bad.
 

HCD3

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Yea, I don't think anywhere in MA goes to close to 12 cents / kwh. Between the actual electricity and delivery its north of 20 cents / kwh. @HCD3, I think you weren't quoted both sides of the bill.

I happened to be monitoring spending before getting my model 3 ..... gave me a good sense for gas costs. I'm lucky that I get most of my charge for free at work. I think I'm saving north of $175 a month on energy costs after netting out my year over year electric bill increases. I'm at 13K miles in 6 months. No oil change. No servicing needed at all. Am going to rotate tires in a couple weeks ... looks like the mobile service team will come to my house. $95. Not bad.
Thanks Nom. I came up with 25 cents by adding up all the charges on the bill. Very jealous of people paying 10 cents. Yesterday I installed a Sense energy monitor on me panel. Supposedly it will be able to distinguish the difference between all my loads. It takes about a month to get fully calibrated. I also have a KWh meter installed at my NEMA outlet. I know, it sounds like overkill for something that I can’t control. Even if my electric bill is more than what I would pay for an ICE car in gas and maintenance I’d still be driving my Model 3. As it stands my electric bill is a bit less than an ICE car would cost me.
 
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Needsdecaf

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My case is a bit extreme, but not out of line with some of the mileage I've seen here.

I got my car on 12/28. I typically drive a lot but last year I started a job where I am driving probably close to 30k per year now. I had a VW GTI, which is a relatively efficient vehicle. Not the best for it's size / class, but certainly decent. I tracked every single tank of fuel on that car and over the nearly 2 years I had it, averaged 28.1 MPG. I always do worse than most people, I have a lead foot. Whoops. I traded the GTI for a Model 3 as the GTI was a lease and when I got my new job I was going to hammer my mileage allowance. So I got out early, paid the penalty, and have been driving the Model 3 ever since. Not only does it cost me less to operate, but there are all the other benefits like much less stress when driving in traffic that we are all aware of.

So the stats. TeslaFi makes this stuff easy to track. Texas is a deregulated energy state, so electricity is pretty cheap. I am locked at a constant $.116 / kWh but I think I can do better when I renew next year.

Through 5 months of driving, Jan 1 2019 through May 31 2019, I covered 12,889 Miles. Some of my benefit has been the 6 months of free supercharging, which I have used on my trips to Dallas. So that throws things off just a hair. And also, because I don't have another gas vehicle that I track mileage on, I'm kind of guessing at the fuel prices. Each month when I make my record, I look up the cost of premium fuel at the station I went to most, and use that for the monthly average. So there's another variable. There are too many variables to make this exact, but in those 12,889 months of driving, on average, I have paid $147.99 less per month in electricity than I would have for premium fuel. I've saved nearly $750. Moreover, I've saved $0.057 / mile in fuel costs. That's significant savings.

So yes, while this car is expensive, when you add up the fuel savings, it's not as expensive as the initial price.
 

PNWmisty

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#20
Thanks Nom. I came up with 25 cents by adding up all the charges on the bill.
Don't add all the charges on the bill and divide by the kWh to determine how much it costs you to drive your EV unless you wouldn't have electrical service to your house if you only drove gas cars.

For example, most ratepayers pay a fixed "meter fee" or "service fee" that doesn't increase when you charge your EV. You would be paying that anyway so it's not a cost to drive an EV.