Places are limited to 15,000 electric vehicles (EVs) to the maximum value of $58,000.
This means popular EVs such as the Hyundai Kona, Hyundai Ioniq, Nissan Leaf, and MG ZS could be eligible for the subsidy.
The government will also commit $10 million to build more public charging stations, with new stations jointly-funded between local government and private sector firms.
While the $3,000 subsidy brings Queensland in line with other states' policies, the $58,000 threshold is $10,000 lower than the subsidies currently on offer in NSW, Victoria and SA.
Queensland Premier Annastacia Palaszczuk said the goal is to reduce emissions and kickstart the economy.
"The skyrocketing price of petrol is putting enormous strain on household budgets," the Premier said.
"There are plenty of Queenslanders out there who want to make the switch to electric; that’s why we are going to do what we can to make the cost of electric vehicles that little bit cheaper."
Earlier this week, the ACCC revealed petrol prices hit an eight-year high in February with many cities' fuel prices surpassing $2.20 per litre for regular unleaded.
Strategist at Solar Citizens Stephanie Gray said with fuel prices and the cost of living going through the roof, more and more people want to switch to electric vehicles.
"Government support for the rollout of electric vehicles is vital for Australian families to have a long-term solution to battle volatile petrol prices," Ms Gray said.
In the market for a new car? The table below features green car loans with some of the lowest interest rates on the market for low-emissions vehicles.
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The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates for car loans and secured personal loans for the relevant amounts and terms are for secured loans unless indicated otherwise. The comparison rates for unsecured personal loans are applicable for unsecured loans only.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.
Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of May 2, 2024. View disclaimer.
Brooke Cooper
Harry O'Sullivan
Staff Writers
Harrison Astbury
