How to calculate if an electric car will save you money

• There are a lot of factors to consider when calculating potential cost-savings for an EV.

• New tax credits are making the math work for more buyers right now.

• After the purchase price, the cost of charging is the most important to consider.

• This article is part of a series called Getting Ready for Electric, a practical guide to buying your next EV.

If you're considering switching to an electric vehicle, or just adding one to your driveway, there are some savings to keep in mind — and some costs, too.

Since the start of the year, deals and discounts on electric cars have abounded.

New EV tax credits are helping to defray the cost of these expensive vehicles. But there is more to consider than the purchase price of these cars, which averaged $61,448 in December, according to Kelley Blue Book.

Experts say that EV shoppers should think about everything from federal and state EV incentives, to the amount they might spend on charging versus gas, and potential installation costs for at-home charging. While EVs purport to require less regular maintenance than their gas-powered counterparts, the cost of repairs on an electric vehicle could be steeper given the amount of technology packed into these cars.

Here are all the points to consider when calculating whether an electric vehicle will save you money in the long run.

Purchase price

EV tax credits offered under the Inflation Reduction Act can defray the upfront cost of an EV, but it's important to know the ins-and-outs of what qualifies for the rebates before you place an order.

Right now, qualifying new EVs are eligible for a $7,500 tax credit. The US Treasury and IRS are expected to release further guidance on which vehicles qualify for the credit in March, which could exclude some vehicles that now make the cut.

That's why car-shopping experts say that now is the time to buy if you want to make sure you get the full tax credit on an EV purchase.