Stamp duty on electric cars will be removed as part of a half a billion-dollar investment to make electric vehicles accessible and affordable for all NSW residents.
The proposed tax cuts and incentives will help to reduce barriers to buying electric vehicles over the next four years – making it easier for NSW organisations to introduce EVs to their fleet.
The NSW Government has proposed that from September 2021:
- stamp duty will no longer apply for eligible EVs under $78,000
- $3000 rebates will be available for the first 25,000 purchasers of battery and hydrogen fuel cell electric vehicles under $68,750.
The average NSW driver will save around $1000 a year in running costs by switching to an EV, and those savings can be up to $7500 a year for businesses, taxis and freight.
Transport Minister Andrew Constance says the state’s proposed EV Strategy will help the NSW take action on climate change.
“Our transport sector currently makes up 20 per cent of the state’s emissions, with almost 50 per cent of those coming from passenger vehicles,” Mr Constance said.
“Electric vehicles are not only cheaper to run and quieter on our roads, but they also reduce both carbon emissions and air pollution which results in dramatically improved health outcomes for our communities.”
For more information about the NSW Government’s Electric Vehicle Strategy, click here.