The Benefits of Owning an Electric Vehicle (EV)

With the prevalence of climate change and global warming today, creating a greener environment and fostering sustainability has become a social responsibility rather than a desirable goal. Singapore has been playing its part through the SG Green Plan, a whole-of-nation movement advancing Singapore's national agenda on sustainable development.

One of the key targets of the SG Green Plan lies in phasing out internal combustion engine (ICE) vehicles and have all vehicles run on cleaner energy by 2040. Currently, electric vehicles (EVs) made up 1.3% of car, taxi and bus registrations between January and June this year, an increase of 1 percentage point from the same period last year. This is expected to continue growing. Apart from the SG Green Plan and government incentives encouraging the switch to EVs, more Singaporeans are using EVs due to the benefits they deliver as well.

Better for the Environment

There is no denying that EVs are more environmentally friendly and eco-efficient compared to ICE vehicles. Taking into account their production and electricity generation that keeps them running, EVs still emit fewer greenhouse gases – 17% to 30% lower carbon emissions than driving an ICE vehicle. In addition, the absence of exhaust gases in pure EVs lowers local air pollution, particularly in congested cities. As EVs eliminate the need for a fuel burning engine, they are much quieter than ICE vehicles, putting a curb on noise pollution. In fact, EVs are so quiet that they are required to have an Acoustic Vehicle Alert System (AVAS) to alert pedestrians of their presence.

Lower Maintenance

Since EVs have electrically powered engines, there is no need to lubricate or perform other maintenance jobs associated with gas engines. Moreover, EVs generally have fewer moving parts and less fluids to change resulting in lower maintenance efforts. When it comes to the brakes, EVs leverage regenerative braking, which slows down by converting its kinetic energy into a form that can be either used immediately or stored until needed. This means the brakes exert less energy and thus, can last up to five times as long in comparison to an ICE vehicle.

With regards to the batteries, EV batteries are generally designed to last for the expected lifetime of the vehicle. Like the engines in conventional vehicles, the advanced batteries in plug-in electric vehicles (PEVs) are designed for extended life. Ultimately, the battery, motor, and associated electronics require little to no regular maintenance. With that being said, EV owners might tend to overlook the importance of a good insurance plan. A good car insurance plan is critical regardless of maintenance level. Should you own a Tesla, Liberty Insurance offers great Tesla car insurance in Singapore.

Greater Cost Efficiency

EVs are generally more cost efficient and can generate greater cost savings in the long run. Firstly, as mentioned above, EVs have fewer moving parts than conventional ICE vehicles. This makes servicing easier, less frequent, and in general cheaper. Secondly, EVs eliminate the need to spend money on petrol which can be very costly. Electricity costs for charging an EV are around 40% less than petrol costs for the same distance driven with a vehicle of the same size. Last but not least, buying an EV in Singapore comes with incentives and rebates that can help you save money. For instance, the EV Early Adopter Incentive (EEVI) scheme provides an ARF rebate of 45% when car buyers purchase a fully electric car from 1 January 2021 to 31 December 2023, capped at a maximum rebate of $20,000.

Convenient Charging

Compared to fuelling ICE vehicles, EV charging is simple, cost-effective and convenient, particularly when you are plugged in at home and charging up your car even while asleep. Several hours of charging will allow you to wake up to a full battery and your EV is ready to run again without any delay. Additionally, fast charging enables your EV to be charged within minutes as opposed to hours. Fast chargers charge EVs up to 80% in 15 to 45 minutes, significantly faster than AC charging stations. In Singapore, charging is especially convenient as more than 600 EV chargers will be installed at some 200 public carparks in HDB estates, industrial estates and the Central Business District over the next 12 months.

Above are just some of the many benefits owning an EV brings. From enjoying long term cost savings to more importantly, doing our part in building a greener landscape, it is integral for us to adapt, evolve and make the switch to EVs.

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