With Australia committing to net zero by 2050 and swirling momentum around green loans, electric vehicles are finally getting the attention they deserve.
Despite not getting Greta Thunberg’s tick of approval, the 2021 Climate Conference in Glasgow added momentum to Australia’s sluggish move towards net-zero emissions. We’ve finally committed to a net-zero by 2050 target.
We're waiting with bated breath to see if Australia's electric vehicle incentive programs get a shakeup. For now, here are the incentives and subsidies on offer for electric vehicle purchases in Australia.
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. There are 25,000 spots available for the rebate.
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 are also exempt from paying stamp duty on their new ride, which could lead to a saving of up to $5,540. Vehicle value limits do apply, and 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. As of May 31, 2022, there are 1,111 subsidies remaining in this release. 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.
The South Australian government has also dedicated $12.5 million to their Electric Vehicle Smart Charging Subsidy program to help EV owners instal EV charging systems in their homes.
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.
The government is rolling out a program to instal 45 charging stations around the state, creating Australia's longest EV fast-charging network.
Unfortunately, we are yet to see a purchase subsidy come out of WA.
Electric vehicle incentives in Tasmania
Our friends across the Bass Strait are doing things slightly differently. As of July 2021, new EV owners are exempt from paying stamp duty for two years. Plus, rental car companies that added EVs to their fleets would be exempt from paying registration on those vehicles for two years.
The Tasmanian government has also committed to a funding program that will assist with the construction of a fast-charging network around the state.
Electric vehicle incentives for Queensland
The sunshine state is offering buyers of new eligible zero-emission vehicles valued up to $58,000 a rebate of $3,000, plus discounted rego and stamp duty costs.
The state is focusing on public charging infrastructure to support the increase in EVs on Queensland roads. The development of the 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.