Transport Minister unveils €36.5M EV subsidy scheme

Transport Minister Alexis Vafeadis unveiled a new €36.5 million electric vehicle subsidy scheme on Thursday, financed by the EU's Recovery and Resilience Mechanism. The comprehensive initiative includes grants and sponsorships for purchasing zero-emission CO2 vehicles, scrapping old polluting vehicles, and promoting electric bicycles. The project aims to incentivize the adoption of environmentally friendly transportation in Cyprus.

The scheme covers various aspects:

- A grant for purchasing zero-emission CO2 vehicles (pure electric vehicles).
- Scrapping old polluting vehicles combined with a subsidy for buying low-carbon vehicles (CO2 emission limit of 50g/km).
- Scrapping old polluting vehicles along with providing bus tickets and a supplementary one-off payment.
- Sponsorship for purchasing electric bicycles.

The subsidy amounts vary for different categories:

- Private vehicles: €7.5 thousand for scrapping and replacing with a new low CO2 emission vehicle, €9 thousand for a new vehicle with zero CO2 emissions or a used electric vehicle.
- Disabled beneficiaries and large families: €15 thousand for retiring and replacing with a plug-in hybrid, €20 thousand for a new pure electric car.
- Taxi drivers: €12 thousand for scrapping and replacing with a plug-in hybrid, €20 thousand for buying a new zero-emission vehicle.
- Commercial vehicles: €15 thousand for a new electric vehicle up to 3,500 kg gross weight, €25 thousand for a new electric commercial vehicle up to 12,000 kg gross weight.
- Electric bicycles: 933 grants of €500 each, and 72 grants of €750 for vehicle withdrawal in exchange for free bus tickets worth €250 and a one-off payment of €500.

Applications will open on February 17, and the scheme covers both natural and legal persons with specific entitlements. The platform for submitting applications is www.ev.gov.cy, and the scheme commences on February 17.

For more detailed information, visit HERE.