An electric car runs either partially or fully on electric power using energy stored in batteries, while petrol and diesel cars use an internal combustion engine (ICE). The growth prospects notwithstanding, there are several challenges facing the EV segment which heighten the comparison with other fuel cars. One needs to consider various things before buying an EV, such as your spending priority. Since one can buy a bigger car for the price of an EV, one will have to figure out if one needs a bigger car or is it more important to go green and cover the additional costs with benefits over time.
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Running cost is low
As EVs use electricity to charge batteries, the monthly running cost is a fraction of cost for petrol or diesel. For instance, if your daily commute in Delhi is 30 km, you will end up spending Rs 5,375 a month on petrol, while the cost of charging an EV with battery capacity of 30.2 kWh and range of 312 km, will only be Rs 697 a month at home, even lesser at Rs 392 if you do it at a public charging station. The power rate may vary for various states, but it will still be lower as compared with petrol or diesel.
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Lower maintenance cost
The build of an electric car is such that you will end up spending less on servicing and upkeep. This is because EVs have fewer moving parts which don’t need as many fresh fluids or filters. Compared to this, in petrol or diesel variant one will easily spend Rs 7,000-10,000 a year.
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Green environment
A sway factor for many buyers is the zero carbon emission and reduction in air pollution. While the emission from tailpipes is indeed nil, one also needs to consider the emission at power plants where power is generated, especially if it is a thermal plant. In effect, the carbon emission for EVs is not zero, but it is still less than that from petrol/diesel cars.
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Good driving experience
All EV batteries convert 59-62% of energy into vehicle movement, while petrol-run vehicles only convert 17-21%, making them more efficient. Besides, EVs are quiet and smooth as there is no exhaust system, providing a good driving experience. They also accelerate instantly, making them responsive with good torque. Most EVs also offer roomier interiors with flat floors as their powertrains have fewer parts.
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Tax benefits
From assessment year 2020-21, Section 80EEB allows a deduction of Rs 1.5 lakh for interest paid on loan taken for buying EVs. The loan needs to be sanctioned between April 1, 2019 and March 31, 2023 and is allowed only for individual taxpayers or an individual running a business. As per the Budget 2021 proposal, personal vehicles will be levied a ‘green tax’ after 15 years, whereas electric and hybrid vehicles will be exempted. EVs are also exempt from road tax and registration costs in some states like Delhi, while GST has been cut from 12% to 5%. Meanwhile, the ‘Switch Delhi’ campaign in the capital offers a subsidy of Rs 10,000 per kWh to the first 1,000 ecars, with a Rs 1.5 lakh per vehicle cap.
