Electric vehicle subsidy scheme receives over 500 applications in five hours | Cyprus Mail

Over 500 applications were made in just five hours for the second phase of the electric vehicle subsidy programme.

Applicants rushed to on Monday at 11am when the new programme launched, although anyone who is interested has until March 9 to register – as no priority is given based on when the application was submitted. The transport minister said last month that should there be more applications than grants available then these will be decided through a draw.

A priority system in place for hybrid vehicles based on the age of their current car which is to be turned in.

The second phase has a budget of €10m and aims to offer 2,518 grants. It follows on from last year as the programme was deemed a success after 7,000 applications were submitted and nearly 100 per cent have completed the process of obtaining their electric vehicle.

The scheme offers grants to purchase electric and plug-in hybrid cars with CO2 emissions up to 50g/km, at a cost of €80,000 including VAT for new cars and €50,000 including VAT for used cars.

Motorcycles and small cars that fall under the ‘L’ category, as well as e-bikes and buses are included in the scheme. The ministry specified scooters are not included.

A significant sum of the funding comes from the EU as part of the Cyprus-Tomorrow plan.

The scheme also includes the possibility to scrap an old vehicle in exchange for a grant that can go towards buying an electric vehicle or, depending on the category, bus tickets or grants for buying an e-bike.

The grants start at €10,000 for electric vehicles while the funding for scrapping old vehicles amounts to €7,500.

Additionally, those interested in purchasing an electric vehicle will have to submit a confirmation letter from a seller that they have been informed of the price.

Source: Electric vehicle subsidy scheme receives over 500 applications in five hours | Cyprus Mail


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