With Elon Musk selling $1.5b of Tesla stock, Australia committing to net-zero by 2050 and swirling momentum around green loans, electric vehicles are finally getting the attention they deserve.
You can always rely on the internet to provide a steady stream of memes after any significant global event. And the recent Climate Conference in Glasgow definitely delivered the goods. But amidst the clammy handshakes and awkward encounters between rival politicians, there were actually some remarkable things to come out of COP26.
Despite not getting Greta Thunberg’s tick of approval, this year’s conference has added momentum to Australia’s sluggish move towards net-zero emissions. We’ve finally committed to a net-zero by 2050 target.
Part of the government’s grand plan is the Future Fuels and Vehicles Strategy – a project that aims to drive down the price of electric vehicles. The plan is to team up with the private sector to make hybrid, hydrogen, electric and bio-fuelled vehicles the norm.
Lucky for those in the market for a new set of wheels, there are plenty of incentives for electric vehicles in Australia. Let’s take a road trip to see what’s available when it comes to going green across our wide brown land.
Electric vehicle incentives in New South Wales
If you purchase an eligible electric vehicle in NSW, you’ll enjoy a tidy cash rebate of $3,000. The NSW Electric Vehicle Rebate aims to lower the upfront purchase price, which is the biggest barrier to purchase.
To be eligible, the vehicle mustn’t exceed the $68,750 cap. So, you can’t go out and splurge on a Porsche Taycan Turbo and expect to see $3,000 deposited in your account.
If you’ve already bought an EV, you can apply for the rebate retrospectively – the government is following through for all eligible electric vehicle purchases from 1 September 2021.
New EV owners will also be reimbursed for any stamp duty payable on their new rideas long as the purchase price is less than $78,000 . Again, the government is backdating this offer to 1 September 2021.
Electric Vehicle incentives in Victoria
The Victorian Government has launched the Zero Emissions Vehicle to encourage more Victorians to upgrade their wheels to a greener option sooner. The first release includes 4,000 subsidies entitling new EV owners to a $3,000 rebate on EV purchases under $68,740. A further 16,000 subsidies will be released in the coming months and will be honoured for purchase dating back to 2 May 2021. ZEV Subsidy
The Victorian Government is also entertaining the idea of reducing annual on-road costs for electric vehicle drivers. Cheeky rego discount, anyone?
Electric vehicle incentives in South Australia
South Australia has decided to go one better, offering three years free rego for new EVs. This is in addition to the $3,000 EV Purchase Subsidy available on electric vehicles under $68,750.
This might be an effort to soften the blow of the new electric vehicle tax. The highly controversial pay-per-kilometre system is slated to start from 1 July 2027. The new tax will charge pure-electric vehicles drivers 2.5 cents per kilometre and 2 cents per kilometre for plug-in hybrid vehicles. It doesn’t seem like much, but it means people who drive 15,000km each year will have to cough up an additional $300 a year.
Electric vehicle incentives in Western Australia
The WA Government has pledged $21 million to the Electric Vehicle Strategy. They’ve set a modest target of 25% for small-to-medium cars being either pure-electric or hybrid vehicles by 2025/26.
Unfortunately, we are yet to see a purchase subsidy come out of WA. The only incentives that currently exist are:
EV Home Plan, which offers a $200 rebate for the first year and 60km free home charging during off-peak periods
Exemption from the 10% on-demand transport levy for Uber, taxi and charter electric vehicle drivers.
Electric vehicle incentives in Tasmania
Our friends across the Bass Strait are doing things slightly differently. The Tasmanian government is offering incentives to establish electric vehicle charging stations for public use. The ChargeSmart program includes grants of up to $50,000 to cover the cost of installing a charging station at a business or venue. There are also $2,500 grants to fund Alternating Current AC destination chargers.
Since 1 July 2021, the Tasmanian Government has also waived stamp duty for the purchase of new or second-hand electric vehicles and is mulling over a plan to offer free registration for the first two years.
Electric vehicle incentives for Queensland
The sunshine state is also taking a different approach. Stamp duty reductions aside, the state is focusing on infrastructure rather than individual incentives. The development of Queensland’s Electric Super Highway is underway, delivering 31 fast-charging stations between Port Douglas and Coolangatta, and from Brisbane to Toowoomba. Phase 3 will expand even further into regional Queensland, becoming one of the world’s longest electric superhighways in a single state.
Electric vehicle incentives in the Northern Territory
Residents who upgrade their wheels to an electric vehicle in the Northern Territory will soon score free rego and a $1,500 stamp duty discount on eligible vehicles. The state’s ‘EV Strategy and Implementation Plan’ also includes grants to support the installation of charging stations at home and the expansion of public charging infrastructure around the NT.
Electric vehicles incentives in the ACT
In the ACT, the perks for owning an electric vehicle are more than monetary. On top of receiving 2 years of free rego and a full stamp duty exemption, Canberrans can enjoy the privilege of a dedicated zero-emission vehicle transit lane. No more sitting in traffic with the rest of the chumps.
Another interesting initiative from the ACT government is the Sustainable Households Scheme – a program that provides zero-interest loans up to $15,000 to help cover the upfront costs of going green. Go Canberra!
Disclaimer: This article contains general information only, and is not general advice or personal advice.
Information obtained from State and Territory Government websites is correct as of time of publication08/12/2021 . We do our best to ensure this information is up to date. Available subsidies and incentives are subject to change without notice. Visit your state or territory government website for more information.
Wisr Services does not recommend any product or service discussed in this article. You must get your own financial, taxation, or legal advice, and understand any risks before considering whether a product or service discussed in this article may be appropriate for you. We have taken reasonable efforts to ensure that the information is accurate at the time of publishing, but the information is subject to change. We may not update the article to reflect any change.