AMARAVATI: With the aim of encouraging the use of electric vehicles, especially among government employees, the Andhra Pradesh New and Renewable Energy Development Corporation (NREDCAP) has formulated a new policy. which has been approved by the central government. NREDCAP is a Crown corporation and is the nodal agency for the implementation of electric mobility and all renewable energy programs.
As part of this policy, the company will facilitate the provision of one lakh of electric two-wheelers to government employees and is preparing to launch the program in the first week of July.
Although there are around 10 lakhs of government employees working in various government departments across AP, NREDCAP aims to provide one lakh vehicles in the initial phase. Contracts with automakers where financing options allowing employees to pay monthly installments directly from their wages without any upfront payment are under discussion. Interested staff from public sector organizations have received information to register online. NREDCAP said the price of the vehicles would be based on the capacity and speed of the battery. The manufacturer is also responsible for maintaining the vehicles for three years.
In line with the electric mobility policy, the state government aims to phase out all internal combustion engine (ICE) vehicles in four major cities, including Visakhapatnam, Vijayawada and Tirupati by 2024, and in all cities by 2030.
The government has devised a plan in which financial institutions will offer loans at lower interest rates to government personnel, allowing them to purchase electric two-wheelers. The state government has issued a call for tenders from original equipment manufacturers (OEMs) to offer electric two-wheelers at attractive equivalent monthly payments.
The government is in talks with various companies to define the loan plans, which can be paid off in 24 to 60 months, depending on the vehicle’s battery capacity, making it an affordable financing option for employees.
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