Photo courtesy Geralt on Pixabay.
The electric vehicle (EV) runs on electricity and uses electric motors for propulsion. The world is moving toward electric vehicles taking into consideration factors like climate change and commitment to reducing emission levels.
Electric vehicles have certain advantages over internal combustion engine (ICE) vehicles and are the future. In a decade from now, most vehicle manufacturers would be manufacturing electric vehicles only. The government in various countries in the world in order to encourage faster adoption of electric vehicles is providing various incentives to the buyers. The advantages of electric vehicles are-
1) Maintenance costs are low-
Electric vehicles have fewer moving parts. Due to this, there is less number of components that go through wear and tear and the maintenance costs are low. Comparatively the internal combustion engine vehicle has much more requirements of maintenance like the change of gaskets, replacement of oil, etc. Therefore the electric vehicles require fewer visits to the service center.
2) Running costs of electric vehicles are low-
Electric vehicles have less running costs as compared to internal combustion engines (ICE) and people can save plenty of money in the long run. The electric vehicles have a running cost of Rs. 1.2- 1.4 per km whereas for the petrol vehicles it is around Rs. 9-10/km.
3) No worry of constant fuel price hikes-
These days we are seeing a constant hike in fuel prices. On some days the increase is by 80 paise and on other days it is 50 paisa. The prices have spiked due to the welfare schemes that the government has had to carry out due to the COVID-19, providing free vaccination to the masses, and now the war between Russia and Ukraine. With the increase in fuel costs, the cost of all the essentials has also gone up. People who are having electric vehicles don’t have to worry about the constant rise in fuel prices.
4) Environment friendly-
Electric cars are better for the environment as they emit fewer greenhouse gases and don’t cause much air pollution. This improves the air quality. The diesel fumes from cars, trucks, and buses are harmful and have been linked to a number of health problems like asthma, heart disease, and lung cancer.
5) No noise pollution-
The functioning of electric vehicles is very silent. The quiet electric engine can decrease noise pollution. Most people would be well aware of the noise caused by the ICE vehicles especially when they become older. Noise pollution is harmful not only to humans but also to the animals around us. The most common problem due to noise pollution is noise-induced hearing loss. With the use of electric vehicles, noise pollution will be reduced and the roads around us will become much quieter.
6) Electric vehicles can be charged at home-
You would already be familiar with the peak hour traffic on the roads and even the fuel stations where you would have to wait for your turn to get the fuel filled. This problem can be overcome when you have an electric vehicle and you can charge it at your convenience and comfort of your home. You only need to plug the vehicle for charging and it would be charged in 4-5 hours.
7) Electric vehicles have more space-
Electric vehicles have more space as compared to diesel vehicles as they have a lesser number of parts. Vehicles that run on diesel and petrol have a large number of parts like engines, gearboxes, exhaust systems, etc. EVs don’t have all these parts and the advancement in technology has made the parts of the vehicle smaller and this provides more legroom for the passengers.
8) Tax benefits on Electric Vehicles-
The Indian government in order to promote the use of electric vehicles has come out with incentives and tax benefits. Under section 80EEB a tax exemption of up to Rs. 1,50,000 can be availed on the EV loan and the tax exemption is available for both the 2-wheeler and 4-wheeler EV purchases. Deduction under this section applies only to the individuals and not to other taxpayers like a HUF or a partnership corporation. The loan must be taken from a non-banking financial company or a financial institution.
The world over government is providing incentives to people to encourage increased use of electric vehicles. These vehicles are good for the environment and are the future. Over the coming years, we will see more adoption of electric vehicles; the price of the electric vehicle is dropping and would become more affordable for the common man.