A public transportation rider can achieve an average annual savings of $8,498 by taking public transit instead of driving, based on March 5, 2009 gas prices and the unreserved parking rate, according to the American Public Transportation Association’s (APTA) “Transit Savings Report.”

In addition to the annual transit savings, commuters who ride public transit to work are now eligible to receive an increase in the monthly transit benefit offered by their employer. The maximum transit benefit is now equal to the parking benefit and increases from $120 to $230 per month. The change is a part of the economic stimulus package passed by Congress and signed into law by President Obama.

APTA’s “Transit Savings Report” calculates this month’s savings for public transit users at $708 per month. This is based on the cost of parking and the March 5 gas price of $1.933 as reported by AAA. Gas prices are up this month by .04 cents, but still $1.245 lower than last year.