thinking about buying an electric car in 2026? The government has frozen EV subsidies for next year and created a new transition grant that could give you up to $400,000. we break down how to apply for the subsidy, which cars are eligible, and the conditions.
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how to apply for the 2026 EV subsidy of up to 400,000 won! A complete summary of how to apply, eligible vehicles, and conditions of the conversion subsidy. if you scrap an internal combustion engine and buy an electric car, you can get an additional 1 million won.
table of Contents
- how much is the 2026 EV grant?
- why the grant is frozen
- there's a new transition grant
- how to apply for the EV grant
- eligible vehicles and conditions
- frequently asked questions
how much can I get for an EV in 2026?
if you buy an electric vehicle in 2026, you can get up to $4 million in subsidies. the basic subsidy of 300,000 won plus a conversion subsidy of 100,000 won adds up to 4 million won. The subsidy, which has been decreasing over the past few years, will be frozen next year, and with the addition of the new support system, the amount of support has actually increased.
this is great news for those who have been thinking about buying an electric car, especially if you have an old internal combustion engine at home.
why the subsidy was frozen
eV subsidies have been decreasing every year since 2021, starting at 7 million won in 2021, then 6 million won in 2022, 5 million won in 2023, 4 million won in 2024, and 3 million won in 2025.
however, the government has decided to freeze the subsidy at 3 million won in 2026. The recent spate of electric vehicle fires has increased consumer anxiety, and further reducing the subsidy could make it more difficult to spread electric vehicles.
the Ministry of the Environment believes that a certain level of subsidy support is necessary to achieve the goal of promoting eco-friendly vehicles. Since the electric vehicle market is not yet fully established, the idea is to ease the initial purchase burden through government support.
there's a new conversion grant
starting in 2026, a new scheme called the Electric Vehicle Conversion Grant will be launched. if you sell or scrap your internal combustion engine and buy an electric car, you can get up to an additional 1 million won.
this isn't just about increasing the uptake of EVs, it's about reducing the number of internal combustion engines on the road. rather than keeping old diesel or gasoline cars on the road, it encourages people to replace them with eco-friendly electric vehicles.
the existing subsidy of 3 million won plus the conversion support of 1 million won total 4 million won. if you have an old car at home that is more than 10 years old, now is the time to change it.
how to apply for an EV grant
applying for an EV grant isn't as difficult as you might think. First, you'll need to make sure the car you want to buy is eligible for the grant - the Department of the Environment publishes a list of eligible vehicles every year.
once you've decided to buy an electric car, you'll need to apply for the subsidy with your local government department before signing a contract, as each region has a set budget that can run out early. Once you've applied and been approved, you'll need to drive the car to the dealership and receive the final subsidy payment.
to receive a conversion grant, you need proof of scrapping or selling your internal combustion engine. for scrapping, you can get a scrapping certificate from a junkyard, and for selling, you can submit a title transfer certificate.
eligible vehicles and conditions
not all EVs are eligible for the subsidy. There is a vehicle value threshold. Generally, high-end EVs with too high a starting price are not eligible for the subsidy. the exact 2026 threshold will be announced by the Ministry of the Environment at the beginning of the year.
light-duty electric vehicles will be eligible for more subsidies. this is to encourage the uptake of small, affordable EVs, while large sedans and luxury SUVs may receive reduced or no subsidies at all.
corporate fleets may also be eligible for subsidies, but less than individuals. rental or leased vehicles may also be eligible for subsidies, subject to certain conditions.
in addition to national subsidies, there are also local government subsidies. each region, such as Seoul, Gyeonggi, and Busan, has different additional subsidies, so be sure to check your local government's website.
frequently asked questions
Q1. Can anyone get an EV subsidy?
individuals, corporations, local governments, and public institutions that purchase electric vehicles can apply. However, they must meet certain conditions, such as the vehicle's factory price and number of vehicles. Individuals can apply for up to one vehicle per person per year.
Q2. When should I apply for the subsidy?
the grant budget is limited, so it's a first-come, first-served basis. applications usually start in January, so if you're planning to buy an EV, it's best to apply early in the year. You can check the budget status in real time on the Ministry of Environment and local government websites.
Q3. Can I get a subsidy for a used EV?
only new EVs are eligible for the subsidy. however, used EVs are not eligible for the subsidy, but you can receive a conversion subsidy if you sell your used internal combustion engine and purchase a new EV.
Q4. Can I get help with the cost of installing an EV charger?
yes, you can. the Ministry of Environment and local governments provide partial support for the cost of installing a fast charger at home. You can receive between 500,000 won and 1 million won for installation and equipment. there is also a separate program to support the installation of chargers in apartment buildings, so please contact the management office.
Q5. Can I receive both the conversion support and the subsidy at the same time?
of course you can. in fact, receiving them simultaneously is the key to this system: you can receive a total of 4 million won, including the existing subsidy of 3 million won and the conversion support of 1 million won. if you have an internal combustion engine, it is much more advantageous to buy an electric car after scrapping or selling it.
2026 is the right time to buy an EV
in 2026, the EV subsidy was frozen, but the new conversion subsidy actually increased the support. with up to $400,000 available, it's a great time to buy an EV if you've been thinking about it.
the grants are limited and may close early. it's important to apply early in 2026, especially if you have an older internal combustion engine, as you may be eligible for a conversion grant.
if you have any more questions about buying an EV and applying for a grant, let us know in the comments. sharing your experiences will also help others, so don't forget to subscribe for more great information.