$15,000 interest free loans available for EV buyers in ACT

By November 19, 2020 Electric Vehicles

The ACT will be the only state or territory in Australia to offer zero-interest loans to help subsidise new and used electric vehicle purchases, alongside free registration for a period of 2 years.

Electric vehicles will be cheaper to buy in Canberra than anywhere in Australia once the zero-interest deal of $15,000 kicks in as part of a key pre-election promise made by the Greens.

The party is working collaboratively alongside the ACT Labor Government having recently signed a governing agreement to work “constructively and collaboratively to govern in the best interests of ACT residents”.

“At a time of climate crisis, we know that the decisions we make today will have significant consequences for future generations of Canberrans,” ACT Greens leader Shane Rattenbury said.

The ACT already offers no stamp duty for buying an electric car, with the area also holding the highest proportion of Tesla electric cars in the country.

Now with the support of Labor, the initiative intends to make 90 per cent of all new cars sold in the ACT have zero-emissions within ten years. The government plans to phase out all fossil fuels by 2045.

The move contrasts a recent road tax announcement for South Australia EV drivers from 2021, with NSW considering a similiar initiative from 2022.