ACT Government pushes ignition on zero-interest electric vehicle loans

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on December 06, 2021 Fact Checked
ACT Government pushes ignition on zero-interest electric vehicle loans

On Monday the ACT Government commenced applications for zero-interest loans to aid in the purchase of new and used electric vehicles.

Extending the Sustainable Household Scheme announced in line with the 2021 Budget, the ACT Government will offer between $2,000 and $15,000 for the purchase of new or used electric vehicles at zero-interest.

The zero-interest loans on offer by the State Government are available over a ten-year period, with no upfront costs or fees.

This follows on from incentives announced across the nation's capital earlier this year, with two years' free registration and stamp duty waived across both new or used zero-emission vehicles to encourage the uptake of electric vehicles. 

Through phase one of the scheme, more than 2,000 households have already applied to have sustainable upgrades installed in their homes with around $20 million in loan applications received so far.

ACT residents have shown a willingness to adapt to societal demands for electric vehicles, with the state recording 1,304 zero-emissions vehicles registered in October.

Vehicle Registrations Data.JPG

Source: Vehicle Registration Data, Access Canberra

ACT Minister for Climate Action, Andrew Barr said the goal is to support more Canberra households to share in the benefits of a net zero emissions future, while at the same time creating and protecting good local jobs.

"So far, the scheme has been a great success and we look forward to seeing more Canberrans support the Government’s efforts to reduce emissions without leaving people behind," Mr Barr said.

ACT Minister for Emissions Reduction, Shane Rattenbury said many Canberrans want to take action on climate change, and these no interest loans for zero emissions vehicles will help people do this.

"Transport is the largest contributor of greenhouse gas emissions in the ACT," Mr Rattenbury said.

"With two years' free registration and zero stamp duty on emission free vehicles already in place in the ACT, this initiative makes it even easier for Canberran households to reduce their emissions and take that next step."

Electric vehicles travel further than petrol counterparts

Data released for the first time by the Australian Bureau of Statistics found electric vehicles travelled 11,100 kilometres on average, 600km more than drivers of petrol vehicles for the year.

Distance travelled.jpg

Electric passenger vehicles in the nation's capital travelled further on average than all other states and territories at 12,800km.

New South Wales, Victorian and Western Australian electric vehicle owners also travelled further than those who owned a petrol vehicle, with Queensland not far behind.

Fuel Type by Registration.jpg

Brighte Chief Executive Officer, Katherine McConnell said between home energy and personal vehicles, households generate 33.5% of our domestic emissions.

"The future is electric and EVs are at a tipping point of affordability — programs like the Sustainable Household Scheme make this transition more," Ms McConnell said.

Read more: What's the buzz? A guide to the current Australian electric vehicle market


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Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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