EV Ownership Cost-Efficiency in Singapore

The number of registrations for electric vehicle (EV) more than doubled last year, growing from 1,397 vehicles end-2020 to 3,713 vehicles end-2021, spurred by government incentives and a wider selection of car models. Why are more car owners less hesitant to transition than others? It could be due to the significant cost benefits they are well-informed of. Here’s a gist of what they are. 

In Singapore, the EV Early Adoption Incentive (EEAI) and the enhanced Vehicular Emission Scheme (VES), which both came into effect on 1 January last year, provide prospective electric car buyers with combined cost savings of up to $45,000.

Since 1 January this year, the road tax brackets of 30-90kW and 90-230kW are merged, such that electric cars in the 30-230kW bracket are subjected to the road tax formula of the 30-90kW bracket. This will lead to a reduction of up to 34% in road tax for electric cars in the 90-230kW bracket.

Other costs savings from driving an electric vehicle instead of an internal combustion engine vehicle also factors in the cost of maintenance, petrol rates versus electricity charges, road tax, and even insurance. For those aware about paying higher electricity rates at public EV charging stations and are also time-conscious about the time duration travelling on the road, searching for an available lot and waiting while charging at no fixed location, an EV charger at home is a must-have.  

Using the BYD e6 as an example, switching to an EV can save you up to $30,000 over the course of 10 years. With 522km of range on the super safe BYD Blade Battery, fast charging capabilities to go from 20% – 80% in about 40min on a Venus 30 DC charger and a few hours on an Aurora AC charger, the BYD e6 might just be the right car for the financial savvy.

Get in touch to share with us your transition to EV ownership and learn how we can make EV charging accessible and convenient for you. WhatsApp or call us at 8036 3636 or fill in this form.

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Cost for each cost component50% co-funding on each cost componentTotal co-funding amount
Example 1:
Charging system = $3,000
LEW fees = $2,000
Cabling and installation cost = $1,500
= $1,500
= $1,000
= $750
= $3,250
Example 2:
Charging system = $5,000
LEW fees = $3,000
Cabling and installation cost = $2,500
= $2,500
= $1,500
= $1,000 (sub-cap of $1,000 on cabling and installation cost)
= $4,000 (overall cap of $4,000 per charger)
Example 3 (2 chargers):
Charging system = $9,000
Average per charger = $4,500

Total LEW fees = $4,000
Average per charger = $2,000

Total cabling and installation cost = $5,500
Average per charger = $2,750
= $2,500 per charger
= $1,000 per charger
= $1,000 (sub-cap of $1,000 on cabling and installation cost)
= $4,000 x 2 (overall cap of $4,000 per charger)
= $8,000

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Our professional electrician will:
  • Identify and determine the power supply at your premises;
  • Understand technical requirements;
  • Propose location(s) for charger installation;
  • Ensure your power supply can safely support the power requirements of your charger; and,
  • Document the site visit.

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