New Delhi:There is news of great relief for people planning to buy or adopt Electric Vehicle (EV) in Delhi. Delhi government is soon going to bring EV Policy 2.0, in which along with purchasing new EV, it is also proposed to provide financial assistance for converting old petrol-diesel vehicles into electric ones.

The government aims to retrofit at least 3 percent of the vehicles and move towards clean energy by the financial year 2025-26 starting from April. In this direction, many types of subsidies and incentives have been prepared under EV Policy 2.0.

How to save ₹50,000 by converting old car into EV?

In EV Policy 2.0, there is a proposal to give an incentive of more than Rs 50 thousand for retrofitting 10 year old diesel and 15 year old petrol cars to electric. Usually, converting an old car to electric costs around Rs 2 to 3 lakh, but with this help from the government, you can directly save up to Rs 50,000.

Under the policy, it is proposed to give incentives for retrofitting the first 1,000 cars. It is believed that this scheme may be a part of the government’s investment in Research and Development (R&D) to retrofitting.

Subsidy will also be available on electric bikes

Along with four-wheelers, the government is also preparing to promote two-wheeler electric vehicles. Under EV Policy 2.0, a subsidy of up to Rs 30,000 is likely to be given on the first 1 lakh electric two-wheelers.

Such indications have also been received in the meetings held with stakeholders. Delhi Transport Minister Pankaj Singh has held several meetings regarding the EV policy and it is being told that soon Chief Minister Rekha Gupta will also review this policy.

You can get relief even by taking loan to buy EV

To increase the sales of electric cars, the government can also provide relief to buyers taking auto loans. According to the proposal, those who buy EV through loan can get a subsidy of up to 5 percent.

Since electric cars are still expensive compared to conventional vehicles, this subsidy on loan can prove to be a big relief for the common people. EV manufacturing companies had also given such suggestion to the government.

What will be the extent and conditions of subsidy?

The government’s focus is on providing relief to middle class families. For this reason, some conditions can also be set regarding subsidy. According to the information, there is a possibility of getting subsidy only on electric cars priced below Rs 25 lakh, the maximum limit of which can be up to Rs 1.5 lakh.

It is being said that subsidy will not be given on luxury electric cars costing more than Rs 25 lakh. Apart from this, only the initial 25,000 electric cars are likely to get the benefit of this scheme.