E-cars will help save four times more than estimated earlier

Electric vehicles powered with cent per cent renewable energy can help save close to Rs 40,000 in fuel cost annually -- four times more than what was estimated earlier, says a new report. The report, 'Help Delhi Breathe', by Bengaluru-based finance research firm Equitorials called on government-appointed think tank Niti Aayog to ensure that 100 per cent electric vehicles by 2030 are powered by renewable energy. "The cost of solar and wind energy in India has hit a tipping point: it is now significantly cheaper than coal-based power. This makes renewable energy the smart financial choice for India as it pursues the transition to electric vehicles," Equitorials Managing Partner Jai Sharda told IANS. "Our analysis indicates that the expected further fall in the cost of solar and wind power by 2030, as well as the complete substitution of ICE (Internal Combustion Engine) vehicle sales by electrical vehicles, could help India substitute oil imports of nearly $28 billion," Sharda said. India stands on the edge of being the global leader in the move to electric vehicles. The country can lead other countries in the fight against climate change and the scourge of air pollution by writing it into policy that the power behind the switch to electric vehicles comes from renewable energy sources rather than old thermal power plants. India's current 100 per cent electrical vehicles by 2030 plans have not integrated phase-wise renewable energy capacity additions specifically for electric vehicles.