Zero interest loans for electric vehicles in Australian first: 2 years free registration and $15,000 interest free loans
From today, May 24 2021, the Australian Capital Territory (ACT) became the first jurisdiction in Australia to incentivise EV uptake, by offering a raft of measures it hopes will reduce the territory’s emissions, and provide great zero-emission vehicle choice to its residents.
Already offering zero stamp duty for zero-emissions vehicles, the Labor-Greens government has added two years free registration (a saving of $317-573 per year depending on vehicle weight) and the ability to access an interest-free loan of up to $15,000 to assist with the purchase of an EV.
The ACT’s nation-leading incentives show a firm commitment to address emissions within the territory, and is part of a broader plan to support clean energy job-creation, decarbonise public transport, and roll out a fast-charging network. More information can be found on the ACT Government’s website.
Under the ACT government’s new incentives, MG’s ZS EV could cost around $28,990 with the $15,000 interest free loan applied. Image: MG Motor Australia
Policy certainty is key to receiving investment from overseas manufacturers in Australia, and increasing consumer choice in the marketplace. “We already adopted a zero-emissions vehicle action plan in 2018, and it was first and foremost about transitioning our own government fleet.” according to Shane Rattenbury MLA, Attorney-General and Minister for Water, Energy, and Emissions Reduction, who spoke with us on a recent podcast. “We wanted to help create a more stable market so that the car companies would start bringing vehicles to Australia. We now want to move into encouraging more private uptake.”
The ACT should also be commended for recognising that cost is a huge barrier to entry into a zero-emissions vehicle for many Australians, and that by electrifying government fleets, they are creating a secondhand EV market in three or four years time.
The ACT government has also committed to electrifying their entire bus fleet, and has recently acquired 20 hydrogen fuel cell Hyundai Nexo vehicles — the first hydrogen vehicles to be registered in Australia — which it will lease from the Korean manufacturer.
You can view our full interview with Shana Rattenbury MLA below.