$100M program to encourage Aussies to switch to electric vehicles

The Faraday Future FFZERO1 electric concept car is shown after an unveiling at a news conference in Las Vegas, Nevada January 4, 2016. Reuters/Steve Marcus

The Turnbull government has announced support for a new $100 million asset finance program aimed at encouraging Aussies to switch to electric cars through the Clean Energy Finance Corporation (CEFC). The program offers 0.7 percent discount on finance for electric vehicles.

It is available through Macquarie Leasing. It reportedly offers plug-in hybrid electric vehicles and some eligible energy efficient and renewable energy equipment.

Customers who opt for eligible lower emissions passenger vehicles can have access to 0.5 percent finance discount. The program includes discounts for new energy efficient equipment, battery storage and rooftop solar systems to make it easier for customers to consider clean energy options.

Minister for the Environment and Energy Josh Frydenberg said electric vehicles will play a huge role in creating more sustainable cities, as this option will result to less pollution and better health outcomes. “By providing discounted finance through the CEFC, it is hoped we can encourage a greater up take of electric vehicles and reduce emissions,” the minister said in a media release.

The CEFC forecasts that emissions will be reduced by more than 200,000 tonnes. “Initiatives like this one are example of the action the Government is taking to meet our Paris target of reducing emissions by 26 to 28 per cent on 2005 levels,” Frydenberg explained.

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

Used Car Safety Ratings guide

Meanwhile, Darren Chester, the minister for infrastructure and transportation, notes that the Used Car Safety Ratings guide emphasizes the safety ratings on 389 vehicles manufactured between 1982 and 2015. He said it would be helpful for motorists in the market, including young drivers and their parents.

In a media release published at minister.infrastructure.gov.au, he stated that road safety is everyone’s responsibility and buying a safe vehicle is a huge part of this obligation. He would like to encourage all parents to utilise the guide when having conversations with their kids when it comes to buying the safest possible vehicle that suits their budget.

The Used Car Safety Ratings guide goes together with the ANCAP safety rating system for new vehicles. Anyone seeking to buy a new or used car may visit howsafeisyourcar.com.au or monash.edu/__data/assets/pdf_file/0020/1046063/UCSR-2017-Brochure.pdf for more details about the aforementioned guide.