Switching to Electric Cars in Singapore: A Guide to Government Incentives and Rebates

Switching to Electric Cars in Singapore: A Guide to Government Incentives and Rebates

Electric cars are becoming more and more popular as people look for ways to reduce their carbon footprint and cut down on their fuel costs. In Singapore, the government is encouraging the shift to electric vehicles (EVs) by offering a range of incentives and rebates. If you’re thinking of switching to an EV, here’s what you need to know.

Vehicle Emissions Scheme (VES)

The Vehicle Emissions Scheme (VES) is a scheme that incentivizes the purchase of low-emission vehicles, including EVs. Under the scheme, vehicles are assigned a VES band based on their emissions, with cleaner vehicles receiving higher rebates. For example, a fully electric car can receive a rebate of up to S$25,000 under the VES.

The VES was introduced in 2018 as part of Singapore’s efforts to reduce carbon emissions and improve air quality. It applies to all new cars, including hybrids and EVs, and is designed to encourage the purchase of cleaner vehicles. In addition to EVs, other vehicles that can qualify for VES rebates include hybrid cars, plug-in hybrid cars, and Euro 6-compliant cars.

EV Early Adoption Incentive (EEAI)

The EV Early Adoption Incentive (EEAI) provides an additional incentive for those who purchase an EV before a certain date. Currently, the incentive is set at S$15,000 for the first 1,000 EVs registered between 1 January 2021 and 31 December 2023. This incentive is on top of any VES rebates that the vehicle is eligible for.

The EEAI was introduced to encourage more people to switch to EVs, especially in the early stages of the transition. The government hopes that this incentive will help to kickstart the EV market in Singapore and accelerate the shift away from fossil fuels.

Road Tax Rebates

EVs are also eligible for road tax rebates, which can help offset the higher upfront cost of purchasing an EV. The rebate is based on the vehicle’s Open Market Value (OMV) and ranges from S$200 to S$1,000 per year. This rebate is available for the first 10 years of the vehicle’s lifespan.

The road tax rebate is another way that the government is encouraging the adoption of EVs in Singapore. It recognizes that EVs can be more expensive than conventional cars, and aims to make them more affordable for consumers.

Charging Point Incentive

To encourage the installation of more charging points, the government is offering a one-time incentive of up to S$4,000 for the installation of charging points at residential and non-residential premises. This incentive is available to all Singaporean citizens and permanent residents and can be used to offset the cost of installing a charging point at home or at a workplace.

The charging point incentive is important because it helps to address one of the main concerns that people have about EVs: range anxiety. By providing more charging points, the government hopes to make it easier and more convenient for people to own and drive EVs.

Green Vehicle Rebate (GVR)

The Green Vehicle Rebate (GVR) provides a rebate of up to S$20,000 for the purchase of fully electric commercial vehicles. This is to encourage the adoption of electric vehicles in the commercial sector, where they can have an even bigger impact on reducing emissions.

The GVR is part of the government’s efforts to promote sustainable transport options in Singapore. It recognizes that the commercial sector plays a significant role in the country’s economy, and aims to encourage businesses to adopt more

Receive Non-Obligatory Quote

We have the best list of commercial vehicles in both used and new categories.