ACT drivers to access free rego and zero interest loans for electric cars | RenewEconomy

ACT drivers to access free rego and zero interest loans for electric cars

ACT drivers can soon access zero interest loans and free registration for buying an EV, a stark contrast to approaches being considered by other states.

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An EV charging at Canberra Ikea. Source: Ikea

The Driven

ACT drivers will soon be able to access a zero interest loan and free registration for buying an electric vehicle (EV), making it the most EV-friendly jurisdiction in Australia.

Under the new governing agreement inked between the Greens and Labor, households can apply for a loan of up to $15,000 to go towards the cost of buying an electric vehicle.

The governing agreement also states that that the first two years registration will be free after the purchase of a new electric vehicle.

ACT already offers zero stamp duty for buying an electric car, and according to data from the Australian Bureau of Statistics, has the highest proportion of Tesla electric cars (which pretty much means all electric cars, since Tesla accounts for as much as 80% of the Australian EV market) per capita.

Even the most affordable electric cars in Australia are typically $20,000 more than their combustion vehicle equivalent counterparts, but this new policy effectively narrows the gap.

There are just a handful of EVs available in Australia for under $50,000 currently, including the $48,490 Hyundai Ioniq, the $49,990 Nissan Leaf, and the recently launched MG ZS EV which is now the cheapest EV in Australia at $40,990 (all prices are before on-road costs).

The new zero emissions vehicle incentives included in the governing agreement aim to assist the territory in its goal to phase out all fossil fuels by 2045.

To read the full version of this story, please go to our EV-focussed sister site, The Driven and click here…

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