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Second phase of electric vehicle grant scheme launched

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The transport ministry on Wednesday unveiled the second phase of the electric vehicle scheme, with a €10 million budget aimed at offering 2,518 grants.

Applications will be possible starting January 9, 2023 from 11am until March 9, 2023, at 11am.

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.

According to Transport Minister Yiannis Karousos, the first phase of the scheme was deemed successful after 7,000 members of the public applied for a grant and almost 100 per cent have completed the process of obtaining their electric vehicle.

“Our national goals for electric vehicle registrations in 2022 were exceeded by 140 per cent,” he said.

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

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.

A key change in the latest scheme compared to the first, is that there will not be a priority in how the applications are processed, therefore reducing the need for people to rush to apply. Instead, if more people apply, the ministry will carry out a draw, Karousos explained.

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.

“This is so we don’t have excessive applications that don’t move forward, saving us time on bureaucracy,” the minister said.

More information can be found at  www.ev.gov.cy.

 

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