The federal government's new discounted loans for EVs is a cost-of-living win for Australians who want a cheaper-to-run car but need help with the upfront purchase, the Electric Vehicle Council said.
Low and middle-income earners, and essential workers can access the low interest loans to buy new and used battery electric vehicles, and home EV charging equipment.
Electric Vehicle Council, Head of Legal, Policy and Advocacy, Aman Gaur said the measure is one of many that will boost EV adoption.
"One of the main barriers to owning an EV is the upfront cost, so low interest loans for low and middle-income Australians will help overcome this," Mr Gaur said.
"Financial support is essential to accelerate the transition to EVs and drive the next wave of adopters. Low interest loans, purchase incentives, rebates and registration concessions, are all effective and necessary measures that make EVs more affordable and accessible to a broader range of consumers.
"Electric driving is the most fuel-efficient and cost-effective way to travel. Once people are behind the wheel of a battery electric vehicle, they can save thousands of dollars a year on fuel and maintenance costs.
"We are pleased that second hand battery EVs can be purchased with these low interest loans. Most Australians buy used cars instead of new ones, but the pre-owned EV market is still developing so targeted financial incentives and support is required to boost uptake and create a self-sustaining market.
"These low interest loans for battery electric vehicles build on other federal government measures including the FBT exemption, and investment in a nationwide charging network. Low interest loans for EVs come at an opportune time, as more electric cars become available in Australia with the launch of the government's New Vehicle Efficiency Standard in the new year.
"We commend the federal government for its efforts to boost EV adoption so far and we encourage all levels of governments to build on this momentum. More EVs on our roads means more Australians saving money on running costs, cleaner air for all of us, and closer progress towards achieving our climate targets as a nation."
