The Economic Benefits of Switching to CNG and Electric Vehicles for Indian Consumers. The Indian market significantly grew when the CNG and electric vehicles were first introduced. Unlike vehicles that run on petrol and diesel, polluting the air, these vehicles run on CNG gas and batteries. Not only is it beneficial for our environment, but also for our economic benefit. To read more about the topic “The Economic Benefits of Switching to CNG and Electric Vehicles for Indian Consumers,” read the complete topic.
The Economic Benefits of Switching to CNG and Electric Vehicles for Indian Consumers
You all must have heard about the various benefits of CNG and electric vehicles. But have you heard how much money it can save? The prices of combustible fuels are rising rapidly and are putting a financial burden on Indian consumers. Also, India’s rapid urbanization and industrialization have led to dangerously high levels of air pollution in cities like Delhi and Mumbai. Using petroleum and diesel has a high cost for the environment and your wallet as well. The pollution caused by these fuels causes major health problems and reduces the quality of life for citizens.
To help people in this situation, CNG and electric vehicles were introduced. Compressed natural gas and electric vehicles have already become popular options for public transportation like buses, taxis, and auto-rickshaws. Some people think electric vehicles are too costly for them when they decide to buy them. This is because electric vehicles have a higher upfront cost. But it requires this amount only once, as after purchasing it, its maintenance and running costs are quite low.
There are many economical benefits of CNG and Electric Vehicles (EVs). Let’s read them briefly.
Economic Benefits of CNG Vehicles
Less Fuel Costs
One of the most compelling reasons to switch to Compressed Natural gas (CNG) as a fuel source is its significant cost savings compared to traditional gasoline or diesel. CNG is generally much cheaper than petrol and diesel, which results in reduced fuel costs for drivers. For example, in Jaipur, the approximate price of CNG is ₹81.63 per kg, while petrol is much higher.
Reduced Maintenance Costs
CNG vehicles often have reduced maintenance costs due to cleaner combustion, which results in less engine wear and fewer repairs. These cars need less regular servicing and repairs, which can save you both time and money. There is less carbon build-up and oil contamination in CNG engines.
Government Subsidies
The Indian government and various state governments provide incentives for adopting CNG vehicles to promote the use of CNG cars. Some states provide lower registration fees for CNG vehicles, while some regions offer tax exemptions or rebates for CNG vehicle owners. There are occasional subsidies on CNG kits for vehicles retrofitted to use CNG.
Long-term Savings
At first, the cost of purchasing a CNG car may look a bit higher as compared to vehicles that run on petrol and diesel. But it is necessary to think about the long-term savings it will provide on fuel costs.
Economic Benefits of Electric Vehicles (EVs)
Lower Running Costs
The running cost of an electric vehicle is much less than the vehicles that run on petrol and diesel. Electric vehicles use electricity to charge their batteries instead of using fossil fuels like petrol or diesel. In many regions of India, charging an Electric Vehicle is substantially less expensive than filling up a tank of gas.
Less Maintenance Costs
Electric vehicles have far fewer moving parts than traditional ICE vehicles. This simplicity translates to lower maintenance costs. The servicing requirements for electric vehicles are less than for conventional petrol or diesel vehicles. While battery replacement can be a high expense, the overall maintenance costs of EVs are generally lower.
Tax and Financial Benefits
Registration fees and road tax on purchasing electric vehicles are less than for petrol or diesel vehicles. There are multiple policies and incentives offered by the government depending on which state you are in. Under the PM E-drive Scheme, businesses in India can avail themselves of tax deductions and subsidies when purchasing electric vehicles for commercial use.
Longer Vehicle Lifespan
With fewer moving parts and less exposure to combustion byproducts, electric motors can potentially have a longer lifespan than traditional engines, contributing to the overall longevity of the vehicle. Over the course of the vehicle’s life, a higher return on investment is a result of lower fuel costs, lower maintenance costs, and tax incentives.