Understanding the total cost of ownership (TCO) of electric vehicles in your fleet is essential in order to make the right financial decisions for your business. The U.S. Department of Energy offers a vehicle cost calculator to help calculate the cost of ownership for both EVs and gas-powered vehicles. nnThe largest expense will be the cost of acquiring the actual vehicles, which have a higher price tag than gas-powered vehicles. After accounting for that cost, business owners will see savings as it relates to the operation and maintenance of the EVs. On average, electricity is less expensive than gas, resulting in overall lower fuel costs during the life of EVs. With less maintenance than ICE vehicles, fleet owners should expect lower operating costs. Since charging equipment is considered a capital expense, it should not be considered in the TCO equation.