See How Much Money an EV Will Save You (or Cost You) Across the US

Driving an electric vehicle (EV) has its share of advantages. Not only do they have lower energy costs, but many vehicles come with federal tax incentives up to $7,500. Some states offer additional incentives to encourage people to buy these vehicles rather than traditional gas-powered ones.

According to Automotive News , owning an EV has a lower five-year cost of ownership than a similar gas-powered vehicle in all mainland states except West Virginia and Maine. In some states, EV owners can save upward of $8,000 on their purchase compared with a gas vehicle.

Read Next: 6 Hybrid Vehicles To Stay Away From Buying

Find Out: 6 Subtly Genius Things All Wealthy People Do With Their Money

Based on Automotive News’ data, here’s where having an EV will save you the most money across the U.S. over a five-year period .

Earning passive income doesn't need to be difficult. You can start this week.

All U.S. States Ranked by Savings

These are the states where you’ll save at least $4,000 with an EV as opposed to a gas-powered vehicle.

• Georgia: $4,432
• Tennessee: $4,498
• Rhode Island: $4,745
• Florida: $4,778
• South Carolina: $4,846
• Missouri: $4,902
• Maryland: $5,348
• Arizona: $6,146
• New Mexico: $6,165
• Massachusetts: $7,009
• Utah: $7,113
• New York: $7,574
• Colorado: $8,493
• Illinois: $8,751
• Nevada: $9,216
• New Jersey: $10,345

Check Out: These 10 Used Cars Will Last Longer Than an Average New Vehicle

Using Automotive News’ data, these are the states where owning an EV can still save you money, just a little less.

• Vermont: $29
• Connecticut: $1,210
• Alaska: $1,318
• South Dakota: $1,704
• California: $1,757
• Oregon: $1,799
• Iowa: $1,835
• Louisiana: $1,903
• New Hampshire: $1,934
• Arkansas: $1,982
• Oklahoma: $1,964
• Ohio: $2,093
• Montana: $2,114
• Kansas: $2,189
• Alabama: $2,233
• Kentucky: $2,272
• Texas: $2,282
• Wisconsin: $2,301
• Washington: $2,456
• Virginia: $2,510
• Idaho: $2,685
• Delaware: $2,820
• Minnesota: $3,166
• Mississippi: $3,284
• Pennsylvania: $3,416
• Indiana: $3,468
• Wyoming: $3,760
• Michigan: $3,774
• Hawaii: $3,794
• Nebraska: $3,835
• North Carolina: $3,918
• North Dakota: $3,935

There are only two states where owning an EV actually costs more than a gas-powered option.

• Maine: -$1,619
• West Virginia: -$1,800

As you can see, New Jersey is the most affordable state to own an EV compared with a similar gas-powered vehicle. West Virginia, meanwhile, provides the least cost benefits — in the negative, in fact.

To further break this down, here’s the cost of owning a gas vehicle versus an EV in the highest — and lowest — ranking state.

• New Jersey: The estimated five-year cost of owning an EV is $63,426. A gas-powered car costs $73,771.
• West Virginia: The estimated five-year cost of owning an EV here is $65,193. A gas-powered car costs $63,393.

Leasing costs are also a bit different for gas-powered cars and EVs. Automotive News found that an EV three-year lease in Mississippi would cost about $3,084 less than a three-year lease for a gas-powered car. In Connecticut, an EV three-year lease costs $42,429, which is $6,795 more than a gas-powered car’s three-year lease.

Pros and Cons to Owning an Electric Vehicle

Costs are only part of the bigger picture — albeit admittedly a large part. GOBankingRates reached out to Lauren Fix, a sector analyst at The Car Coach , about other key advantages. Here’s what she said.

• There are many choices of cars available.
• They are more efficient than gas-powered vehicles.
• You have the option to install an at-home charging station or to charge your EV at many public locations and parking garages.
• There are more major automakers are working to create a standard system for battery charging.
• EVs produce virtually no emissions.
• EVs often use recycled plastics that are lighter, safer, greener and easier to propel.

And these are some of the biggest cons, according to Fix.

• Can go only a limited distance — about 100 miles on average — before complete battery failure.
• You can’t cruise, accelerate or climb quickly enough to compete with gas-powered counterparts.
• Accessories — like air conditioning and radios — can drain their battery faster.
• They tend to be more expensive than similar gas-powered cars.
• They may not be totally “emission-free” if the electricity is produced via a coal- or oil-fired generator.
• They can’t tow large objects like trailers or RVs.

Are Electric Vehicles Worth the Money?

Knowing that the five-year cost to own an EV tends to be lower than a gas-powered car is one thing. But that initial sticker price might deter you from actually jumping in and making the purchase.

That said, these vehicles can definitely be worth the money in the long run.

“EVs can indeed be worth the money, especially when you factor in the long-term savings on fuel and maintenance,” said Rob Dillan, founder of EVhype . “The initial purchase price may be higher compared to traditional gas-powered cars, but the lower operating costs often offset this difference over time.”

And when you add in tax incentives — federal and state — these vehicles become more accessible to the average person looking for a new vehicle.

According to Kelley Blue Book , the average cost of a new electric vehicle is $56,371. Gas-powered vehicles cost an average of $48,644. This is easily offset by the $7,500 federal tax incentive qualifying EVs get.

Just be aware that EVs sometimes have expenses that gas-powered vehicles don’t.

“For instance, battery replacement can be costly, ranging from $5,000 to $20,000, depending on the make and model, though this is typically needed after eight to 10 years or more. Battery costs currently make up around 40% of the total cost of an electric vehicle, according to Reuters,” Dillan said.

“Additionally, installing a home charging station can cost between $500 and $2,500, depending on the setup,” he explained. “Public charging can also add up if you rely on fast chargers, which tend to be more expensive than charging at home.”

This article originally appeared on GOBankingRates.com : See How Much Money an EV Will Save You (or Cost You) Across the US