As Malaysia strives to reduce its carbon footprint and embrace sustainable transportation, the Malaysian government and various organisations offer numerous financial benefits to make EV ownership more attractive. These incentives include road tax exemptions, government tax rebates, utility company discounts, and discounts from EV public charging and insurance companies. In this article, we’ll guide you through these opportunities and help you make the most out of your EVs by utilising these incentives and benefits for maximum savings.
Government Incentives
During the Malaysian government’s Budget 2024 announcement, several incentives and benefits were introduced in an effort to make EV ownership more affordable and accessible:
- 1. Road tax exemption for EVs until the end of 2025.
- 2. Full import and excise duty exemptions for locally assembled BEVs, along with a sales and service tax (SST) waiver until the end of 2025.
- 3. Individual income tax rebates of up to RM2,500 on EV charging facility expenses and the costs of manufacturing EV charging equipment.
- 4. Tax deductions for EV rental costs.
By taking advantage of these incentives, EV owners in Malaysia can significantly reduce their initial purchase costs and ongoing EV expenses.
TNB Utility Incentives
As an EV owner, make sure to pay attention to TNB’s tariff rates & pricing for different categories, whether personal rates for residential electricity usage or business rates for corporate users. This way, you can measure the cost-effectiveness of home charging and installing a wall charger at home compared to using public charging facilities.
TNB also offers a Green Electricity Tariff programme, which is a yearly subscription that allows eco-conscious consumers to purchase a low-carbon electricity supply. For business owners, this enables your organisation to meet Corporate Social Responsibility (CSR) as well as Environmental, Social & Governance (ESG) commitments. Additionally, it enhances your organisation’s reputation by demonstrating a commitment to sustainable practices through the use of green, eco-friendly electricity.
Solar Panels
For personal EV owners, installing solar panels on your roof with a home solar subscription service can be a great way to reduce costs. By harnessing natural sunlight to power your home, you can rely less on the national grid and enjoy significant savings on your electricity bills over time.
If you’re worried about the upfront costs associated with installing solar panels, don’t worry! There are home solar subscription services that provide installation services with zero upfront costs, and the Malaysian government offers the Solar Roof Initiative (SolaRIS) incentive, which reduces the upfront costs of switching to solar by providing RM4,000 cashback when you install a solar panel system in your home.
Public Charging Point Operators
For EV owners using public charging services, several public charging point operators offer various kinds of cost-effective subscription plans with promotions, discounts, and charging credits. These charging point operators will also often have their own mobile applications or websites that you can use to check the locations of the nearest charging points.
EV Warranty & Insurance
Here at MG, our extensive warranty coverage lasts for 7 years (84 months) with repair, replacement or adjustment of any parts that fail as a result of manufacturing or material defects during the warranty period.
Replacing the battery pack is often an expensive part of owning an EV, but worry no more. We also offer a 1-to-1 battery exchange should your EV battery’s state of health dip below 70% during the battery’s warranty coverage period of 8 years (96 months) or 160,000 km, whichever comes first.
Our comprehensive MG Vehicle Insurance Program works with an insurance panel that includes Berjaya Sompo Insurance, Allianz Malaysia, and Generali Malaysia to provide customers additional peace of mind throughout their EV ownership journey. It covers many situations such as theft, accidents, towing assistance during a breakdown, and reimbursement should the wall box charger be stolen or damaged by external factors. To learn more about our MG insurance policy, check out our Insurance Program page.
EV Buyer’s Package Promotions
We also offer an exclusive buyers’ package during promotional periods. From now until the end of September, enjoy a free wall box charger (cost of installation not included) and LLumar Security tinting film when you register for and purchase any MG model, so be sure to make the most of this opportunity.
Investing in an electric vehicle is not only a step towards a greener future but also a smart financial decision. By taking advantage of government incentives, tax exemptions, utility discounts, and special offers and rebates from public charging point operators and EV companies, you can significantly reduce the cost of EV ownership and operation. Stay informed about the latest incentives and ensure you apply for all the benefits you qualify for. If you’re interested in purchasing your own EV, get in touch with us for a test drive today!
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