4,977 electric vehicle buyers given Rs 34.24 cr as incentive

Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST), the nodal agency for implementation of Electric Vehicle (EV) Policy in the city, has released nearly Rs 34.24 crore in incentives to 4,977 EV buyers so far.

According to CREST officials, a total of 19,998 electric vehicles of all categories, including 16,980 battery-operated, 1,619 pure electric and 1,399 strong-hybrid vehicles, have been registered in the city.

The UT Administration had approved the standard operating procedures (SOPs) for the release of financial incentives under the EV Policy-2022, which was notified on September 20. According to the policy, the direct incentive will be given to buyers for a policy period of five years or till the time the Administration decides otherwise. Residents purchasing a new electric vehicle between September 20, 2022, and September 19, 2027, are eligible for direct incentive subject to the number of EVs to be incentivised as per the policy. The direct incentive benefit is not applicable to the government sector.

Officials said the incentives were being released to the beneficiary on acceptance of all documents, subject to the availability of funds. A user will forfeit its entitlement for direct incentive if he or she does not submit a claim, complete in all respects, within three months from the purchase of a new electric vehicle. If it was found that the applicant had claimed the assistance on the basis of wrong facts, the applicant would have to refund the amount along with compound interest at the rate of 14% per annum. Such individuals would face legal action and be debarred from grant of any incentive/assistance from the Administration.

Apart from a complete waiver on registration fee and road tax, the UT has offered incentives in the range from Rs 3,000 to Rs 2 lakh to the first 42,000 buyers of EVs of all categories during the policy period. A total of 34 charging stations have been energised at different locations in the city so far.

Chandigarh