The Federal Government is bankrolling low-interest loans for people earning under $100,000 who want to purchase an electric vehicle (EV).
Federal Climate Change and Energy Minister Chris Bowen said the Commonwealth Bank, backed by $150 million from the Clean Energy Finance Corporation, was now offering low-interest EV loans for those earning less than $100,000 a year, as well as essential workers, such as police officers, teachers, fire fighters and nurses.
Minister Bowen said interest rates on the loans were up to five percent lower than standard rates.
He said the discounted loans could save EV buyers more than $8000 for a $40,000 loan with a 7-year term.
“The CEFC finance will go to support discounted loans for new and used EVs worth up to $55,000, as well as home EV charging equipment.”
Minister Bowen said the loans complemented other initiatives to support EV ownership, such as the elimination of the five percent import tariff on EVs and removal of the Fringe Benefits Tax on leased EVs.
