Scotland offers interest-free loans for plug-in purchases

Scotland

Scottish EV buyers can now finance their purchases with sweetheart loans, in addition to receiving the UK Government’s Plug-in Vehicle Grant of up to £5,000 for a new EV (£8,000 for a van).

A new £2.5-million fund, financed by Transport Scotland, offers six-year, interest-free loans for the purchase price of a plug-in vehicle (up to £50,000, or up to £100,000 for a business).

The ChargePlace Scotland program offers grants for drivers who install charge points in their homes.

“Encouraging mass changeover to electric vehicles, from more polluting ones running on petrol or diesel, is a key to cleaner road transport in Scotland and a fundamental factor in achieving our ambitious climate change targets while also improving local air quality,” said Transport Minister Derek Mackay. “Electric vehicles already offer large savings to drivers through reduced fuel and taxation costs, and this fund will further encourage new buyers by addressing the current cost premium often cited as a barrier to making the switch.”

“Electric cars cost around 3p per mile to run, compared with around 15p per mile for the average petrol car, and incur no road tax,” said Harry Mayers of the Energy Saving Trust. “They also help to reduce local air and noise pollution, contributing towards a greener, healthier Scotland.”

See also: A petrol-free Scotland by 2050?

 

Source: Click Green