CEFC commits $40m to get more Australians into EVs

The Clean Energy Finance Corporation (CEFC) is continuing to drive electric vehicle (EV) ownership in Australia. A new $40 million investment will provide discounted finance for the retail Green Car Loan offered by Australian non-bank lender, Firstmac.

CEFC investments to advance EV ownership have already supported an estimated $230 million of retail and commercial green finance. These efforts have put more than 3,000 EVs and plug-in hybrids onto Australian roads.

This latest investment is expected to finance at least a further 900 EVs, with the discounted finance saving customers between an estimated $1,400 and $2,500, depending on the size and length of the loan.

To encourage manufacturers to make more EV models available to the market, Firstmac is extending the discount to EVs priced under $90,000, provided strong emissions standards are met.

The CEFC finance will only be available for the lowest emissions EVs. Criteria for ‘green EVs’ excludes low-emission conventional vehicles and hybrid vehicles with tailpipe emissions of more than 50g CO2/km.

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