Cyprus gives huge incentives to go electric

Cyprus is investing €45 mln in incentive schemes to purchase greener cars and register 36,000 electric vehicles by the end of 2030, Transport Minister Yiannis Karousos announced.

Authorities are launching an attractive €10,000 incentive package to encourage motorists to scrap their old petrol cars for a new environmentally-friendly electric one.

Incentive schemes will also be available for people who want to replace their old banger with an eco-friendlier vehicle.

At a press conference held at the Presidential Palace on Thursday, Karousos presented two incentive schemes worth a total of €45 mln.

Some €30 mln will be going into bringing up the number of vehicles powered solely by electricity, and another €15 mln for a scrappage scheme.

Karousos said the aim is for 25% of new vehicle registrations by 2030 to be electric ones.

“The ultimate aim is to increase this percentage to 100% by the year 2035.”

He said the schemes “are the most attractive that exist within the EU.

“The €10,000 grant is the highest in Europe.”

The ministry will launch the scheme for electric vehicles on 6 December with a budget of €8 mln and another €4 mln for the scrappage scheme.

The promotion of electric car use includes 14 categories from €1,000 to €100,000 and is expected in the first phase to serve 1,375 applicants.

A grant of €9,000 will be given to buy a new electric vehicle to 360 applicants, and €4,000 to 320 applicants to purchase a used car.

People buying a new electric car will also be eligible for an additional €1,000 grant if they have a car over 12 years scrapped. It means they could benefit from a €10,000 grant.

Grants for purchasing an electric vehicle with the right of withdrawal will be given for other categories of vehicles.

Taxi drivers who wish to purchase an electric vehicle for work purposes will be given €19,000 for a new one and €12,000 for a used one.

The budget can cover 24 applications for a new electric taxi and 25 for a used one.

In addition, 13 grants of €11,000 each will be given for a new electric car designed for people with mobility problems or a large family car.

Some 25 grants of €7,000 will be available for the purchase of used vehicles.

The ministry will also be handing out €1,000 to 240 applicants who wish to buy an electric bicycle.

To be eligible for the grant, the price of a new vehicle must not exceed €80,000. For used vehicles, the ceiling is set at €50,000.

For applicants who wish to scrap their old vehicles in favor of a cleaner one, the CO2 emissions of the vehicle to be bought must be under 50g/km.

Applicants will be given a two-week window to submit their applications online; more details will be given in the days to come.

Source: Financial Mirror