While electric cars cost more than their gasoline equivalents, electric car owners can realize a savings of up to $1,200 annually versus driving a compact car that runs on gasoline, according to a new study. The "State of Charge" report by the Union of Concerned Scientists cited a $750 to $1,200 savings per year over a new car that gets 27 mpg with gas at $3.50. The analysis was done assuming both vehicles were driven 11,000 miles annually. With gas prices currently at $3.92 per gallon of regular unleaded on national average, that savings would actually be substantially higher. The report indicated that the range of savings depends on the electric car owners electricity rates and that they may need to switch rate plans with their electric utility company in order to realize the maximum amount of savings.

The study also noted that driving an electric car was more environmentally-friendly that a gasoline car or even a hybrid. The study found that nearly half of Americans live in regions where charging an electric car emits less pollution associated with global warming that driving even a hybrid that gets 50 mpg.