CEFC commits $100m to boost electric vehicle sales

Electric vehicle charging (tax)

Macquarie Leasing and the Clean Energy Finance Corporation (CEFC) are behind a push to accelerate the use of electric vehicles in Australia through a new $100 million asset finance program.

The program offers a 0.7 per cent discount on finance for electric vehicles, as well as plug-in hybrid electric vehicles, and a range of eligible energy efficient and renewable energy equipment.

Customers who choose eligible lower emissions passenger vehicles can also benefit from the program, with a 0.5 per cent finance discount.

CEFC chief executive officer Ian Learmonth said the Macquarie Leasing program was an important extension of the CEFC’s ongoing efforts to embed clean energy solutions across the economy.

“Through similar programs with other financiers, we have already helped businesses, consumers and farmers invest in more than 2000 energy efficient, low emissions and renewable energy projects, valued at more than $250 million,” Mr Learmonth said.

“By making this discounted CEFC finance available through major financiers such as Macquarie Leasing, we are making it easier for Australians to prioritise clean energy options when they make major investment decisions.

“Clean energy technologies are developing quickly, and become more cost effective as they reach scale.

“By supporting the more widespread adoption of exciting clean energy solutions, such as electric vehicles, we can accelerate the decarbonisation of our economy.”

ClimateWorks estimates Australia can reduce carbon emissions by around 9 million tonnes by 2030 through the increased use of electric vehicles, coupled with the ongoing decarbonisation of the electricity grid.

The potential emissions savings swell to 27 million tonnes by 2050.

“Electric vehicles will play a big role in terms of creating more sustainable cities with less pollution and improved health outcomes for our community,” Minister for the Environment and Energy Josh Frydenberg said.

“By providing discounted finance through the CEFC, it is hoped we can encourage a greater up take of electric vehicles and reduce emissions.”

The Macquarie Leasing program extends to new energy efficient vehicles and equipment, as well as rooftop solar and battery storage.

Investment in equipment to upgrade the energy efficiency of buildings, such as energy efficient lighting, building management systems and better air-conditioning, will also benefit from the discounted finance