Essential workers and people earning less than 100-thousand dollars a year will get access to low interest loans to buy electric vehicles under a new government scheme. Labor's clean energy finance corporation will subsidise the loans for EVs that cost less than 55-thousand dollars.
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00:00Making the switch from petrol to electric, for nurse Salik Karel, it was a no-brainer.
00:09The petrol price went really high and I was looking for the next option.
00:14So it was not easy to jump from petrol car to electric vehicle.
00:20One of the biggest obstacles to making that choice is the upfront cost.
00:24The government's offering new low interest loans.
00:27It already incentivises EV ownership, but this announcement is aimed at low and middle
00:32income owners.
00:34Providing Australians with more choice, it's all about choices.
00:37Choices for the planet, choices for the pocket.
00:39Through a $150 million scheme, the Clean Energy Finance Corporation will partner with the
00:45Commonwealth Bank.
00:47Those eligible for this government-backed scheme, people earning less than $100,000
00:52a year and essential workers.
00:54They can buy electric vehicles up to $55,000.
00:59So compared to a standard car loan, it could be up to half the commercial rate.
01:04If you were to buy a $48,000 EV over seven years under a car loan, you could be paying
01:10up to $187 a week.
01:13Under this program, your weekly repayments could be about $155, overall saving more than
01:19$10,000 in interest.
01:22Welcomed by some in the industry.
01:24We're really excited to be working with government on policies that are both carrot and stick.
01:29But the opposition is less enthused.
01:32We support EVs, but we also support the market and we have seen enormous change in the automobile
01:38market in recent years.
01:40To make EVs more accessible, there's also a reality at present, which is that the Albanese
01:45government keeps spending money.
01:47I think there's a really good opportunity here for lower income guys to really get into
01:51the market.
01:52Putting the charge on EV ownership.