Scotland Offers Interest Free Loans On Electric Cars
Scotland, on top of the UK’s Plug-in Vehicle Grant (up to £5,000 for cars and £8,000 for vans), and ChargePlace Scotland’s program to finance home EVSEs, now has a new incentive to buy an electric car.
Transport Scotland introduced a new £2.5 million (over $3.8 million) fund through Energy Saving Trust to offer interest free loans to buyers of plug-in cars.
Up to £50,000 for individuals and £100,000 for businesses in interest free loans
£50,000 is around $77,000, so one could finance nearly all models on the market. Loans must be repaid over a period of up to six years.
Transport minister Derek Mackay said:
“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.”
“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. I am pleased we are adding this incentive to the growing package of support measures for EVs outlined in the ‘Switched on Scotland’ policy roadmap.”
Harry Mayers, head of new services at the Energy Saving Trust, commented:
“We’re seeing an increasing amount of interest in electric cars as the technology develops and the charging infrastructure continues to grow across Scotland. This loan fund from Transport Scotland will help people to turn that interest into action and benefit from the long-term cost savings that electric cars offer.”
“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. They also help to reduce local air and noise pollution, contributing towards a greener, healthier Scotland.”