New Zealand’s New Subsidy Lowers The Cost Of Buying An Electric Vehicle
Kiwi’s can now save a lot of money on sustainable rides in a bid to lower emissions across the country.
- EVs will be thousands of dollars cheaper, up to NZ$8,625 for new vehicles, and NZ$3,450 for used versions.
- The Climate Commission recommended significant changes if New Zealand were to meet emissions targets.
- Transport makes up almost 33% of greenhouse gas emissions in New Zealand.
New Zealand is amping efforts to lower carbon emissions via a new subsidy that makes buying an EV a lot cheaper.
So, how much money will Kiwi’s save?
The subsidy for all-electric/hybrid vehicles would be up to NZ$8,625 for brand new cars. Used vehicles would also receive a discount (NZ$3,450), giving buyers multiple options.
Furthermore, the cost of petrol/diesel cars will increase as the country prepares to meet recommendations set by New Zealand’s Climate Commission.
For example, the popular Toyota Hilux is set to receive a slight increase, much to the possible dismay of residents.
“Our transport emissions are the fastest-growing source of greenhouse gas emissions in New Zealand, so we need to start taking action now if we are going to meet our 2050 targets.”
— Transport Minister, Michael Wood.
Like the UK and US, New Zealand is looking to make significant changes when it comes to transport. Transport makes up a large chunk of greenhouse gases in Aotearoa (33%).
It’s for this reason that the Climate Commission has recommended banning petrol/diesel options by 2032.
Emphasis on the complete decarbonisation of road vehicles by 2050 is the long term goal. To meet this deadline, the Commission says half of all registered vehicles will need to be electric by 2029.
New Zealand has quite a lot of work to do, with emissions constantly increasing. In 2018-19, emissions had risen by 2% in the country.
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