ACT opens up zero interest loans to buyers of new and used electric vehicles

The ACT government is now making its zero interest loan program available for to electric vehicle purchases, with loans of between $2,000 and $15,000 available for the purchase of new or used EVs.

The ACT has been running the hugely successful Sustainable Household Scheme, which in juyst three months has already seen more than 2,000 households apply for a total of $20 million in loans to install equipment such as solar panels and batteries in their homes.

The Sustainable Household Scheme – which offers the loans over 10 years for no interest – is being extended to EV purchases, adding to the ACT government’s existing incentives which include a stamp duty waiver and two years’ free vehicle registration for all new or used zero-emission vehicles.

The three accredited dealerships that have already partnered with the Sustainable Household Scheme include IonDNA, the Good Car Company, and National Capital Motors.

“Our goal is to support more Canberra households to share in the benefits of a net-zero emissions future, while at the same time creating and protecting good local jobs,” said Andrew Barr, the ACT’s minister for climate action.

“So far, the scheme has been a great success and we look forward to seeing more Canberrans support the Government’s efforts to reduce emissions without leaving people behind.”

The ACT’s Sustainable Household Scheme is administered by Australian green financier Brighte.

“Between the energy we use to run our homes and the petrol we need for our cars, Australian households generate a sizeable 33.5% of our country’s total emissions,” said Katherine McConnell, CEO and founder of Brighte.

“The key to reducing the carbon emitted from our homes is to go electric: from our stoves to our air conditioners, water heating and especially our cars.

“Electric vehicles are the future: they have a huge role to play in the race to net zero and they can be powered from renewable sources such as solar. Next year we will be offering EV finance in other states and territories for Australians across the nation to own an EV and drive the clean energy revolution.”

According to ACT government data, there were 1,304 zero-emissions vehicles registered in the territory up to October, double the number from a year ago. The ACT has already reached its target of net 100 per cent renewable energy supply.

“What we’re seeing now is a re-imagining of the great Aussie dream,” McConnell said. “It’s not just the house on a quarter acre block with the Hills Hoist and a barbeque in the backyard. It’s an electrified house with solar on the roof, an absent gas meter and an EV in the garage — a house run by the sun.”