Electric Vehicle Financial Incentive Scheme

Introduction to the Electric Vehicle Financial Incentive Scheme

The Government of Uttar Pradesh has introduced a significant scheme to promote the adoption and usage of electric vehicles (EVs) in the state, known as the “Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy, 2022.” This policy was notified on October 14, 2022, and offers various financial incentives to buyers of electric vehicles. The primary aim of this scheme is to encourage the use of electric vehicles, contribute to environmental conservation, and establish the state as a hub for EVs.

Electric Vehicle Financial Incentive scheme

Electric Vehicle Financial Incentive Scheme is a purchase subsidy scheme

One of the most crucial incentives under this policy is the purchase subsidy provided to buyers of electric vehicles. Under this subsidy scheme, buyers who apply for the subsidy when purchasing an electric vehicle will receive an early bird incentive in the form of a purchase subsidy.

Key Points:

Portal Facility: A dedicated portal, “Uttar Pradesh Electric Vehicle Purchase Subsidy Portal (upevsubsidy.in),” has been developed for buyers to apply for this subsidy.
Individual Buyers: Individual buyers are eligible for this subsidy only once, and it can be availed for the purchase of a 2-wheeler, 4-wheeler, e-bus, or e-goods carrier.
Aggregators/Fleet Operators: Aggregators or fleet operators can avail of this subsidy for the purchase of up to ten 2-wheelers or 4-wheelers and up to five e-buses or e-goods carriers.
One-Time Eligibility: During the effective period of the scheme, each buyer is eligible to receive the purchase subsidy only once.
Reimbursement: The subsidy will be provided as reimbursement, directly transferred to the buyer’s account after verification by the dealer.
Subsidy on Vehicles without Battery: If a buyer purchases a vehicle without a battery, only 50% of the eligible “purchase subsidy” will be provided.

Exemption from registration fees and road tax

Under this scheme, 100% exemption from registration fees and road tax will be provided for electric vehicles purchased and registered in Uttar Pradesh within three years from the date of policy notification, i.e., October 14, 2022.

Key Points:

Provision: Necessary provisions have been made in the Vehicle-4.0 software to ensure that this exemption is granted at the time of registration.
Duration: This exemption will also be available at a 100% rate for electric vehicles manufactured, purchased, and registered in Uttar Pradesh during the fourth and fifth years of the policy’s effective period.

Conclusion

The Electric Vehicle Financial Incentive Scheme of Uttar Pradesh is a significant step toward environmental improvement and promoting the use of electric vehicles in the state. This scheme is expected to increase the number of electric vehicles in the state, reduce pollution, and promote the use of clean energy. The government’s initiative is a critical move for the state’s future, supporting sustainable development and green transportation.

Guidelines/Format of Affidavit for the Required Documents for Eligibility of Aggregator/Fleet Operator Buyers Applying for Subsidy under the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy, 2022,(CLICK BELOW LINK)

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