Finance Program To Drive Electric Cars

17:43' 12-09-2017
The Federal Government, through the Clean Energy Finance Corporation (CEFC), recently announced a new $100 million finance program to encourage Australians to switch to electric vehicles.

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    The program offers a discount of 0.7% on finance for electric vehicles, plug-in hybrid electric vehicles and a range of eligible energy efficient and renewable energy equipment. A discount of 0.5% is also available to those customers choosing eligible lower emissions passenger vehicles.

    The discounted finance will be made available to customers by Macquarie Leasing, through its current relationships with car manufacturers to purchase, hire or lease low emission vehicles. Macquarie Leasing is a major finance group with offices in the world's major financial centres.

    “Electric vehicles will play a big role in terms of creating more sustainable cities with less pollution and improved health outcomes for our community,” said Josh Frydenberg, the Minister for the Environment and Energy.

    The CEFC predicts that across the range of assets to be financed over the life of the program, carbon emissions will be reduced by more than 200,000 tonnes.

    To make it easier for customers making major investment decisions to consider clean energy options, the program also includes discounts for new energy efficient equipment, battery storage and rooftop solar systems, and building upgrades including energy efficiency lighting and better air conditioning.

    The program is funded under the Sustainable Cities Investment Program, which supports the national Smart Cities plan by investing in energy efficiency, renewable energy and low emissions technology projects that improve our cities.

    Minister Frydenberg said the initiative was one example of action the Government is taking to meet our Paris target of reducing emissions by 26-28% on 2005 levels.

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Keywords: clean energy finance corporationelectric vehiclesfederal government

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