You might feel that purchasing an electric vehicle is costlier than buying an internal combustion engine vehicle, but that is only because of the higher upfront cost. Effective cost over the lifetime for electric vehicles is still less. The government offers different types of financial incentives to make electric vehicles more affordable for you. The key mechanisms for getting incentives are:
National Incentives:
FAME, or Faster Adoption and Manufacturing of (Hybrid and) Electric vehicles, is currently India’s flagship scheme for promoting electric mobility. Currently in its 2nd phase of implementation, FAME-II is being implemented for a period of 3 years, eff. 1st April 2019 with a budget allocation of 10,000 Cr. The incentives offered in the scheme are:
Total Approximate Incentives | Approximate Size of Battery |
---|---|
Two wheelers: Rs 15000/- per kWh upto 40% of the cost of Vehicles |
Two wheelers: 2 kWh |
Three wheelers: Rs 10000/- per kWh |
Three wheelers: 5 kWh |
Four wheelers: Rs 10000/- per kWh |
Four wheelers: 15 kWh |
E Buses: Rs 20000/- per kWh |
E Buses: 250 kWh |
E Trucks: Rs 20000/- per kWh |
State Incentives:
Every state offers some incentives to you for adopting electric vehicles. To find out more about state-level policies, click below.
State level policies