The first stage of a €30 million incentive scheme to convince motorists to go electric was launched a week ago Monday, with The Transport Ministry reporting that demand is currently ten-fold the ‘supply’, as only a few hundred applications will be approved.

Initially, the ministry’s incentive scheme will be dishing out some €8 million covering just 360 applications for brand new electric cars and 320 used ones for private use and a limited number for other categories, such as taxis and for people with disabilities.

Applicants have until Monday, January 3 to apply, although due to greater demand than grants available, the ministry said it would only be accepting applications for specific categories.

Grants are still available for used electric taxi cabs, used electric vehicles for people with disabilities and electric motorcycles and bicycles.

As of Monday, a total of 4,269 applications have been submitted.

Specifically, some 3,175 applications were submitted by people interested to buy a brand-new electric vehicle for private use, and 366 for a used one.

Some 72 (24 grants) taxi drivers applied to purchase a new cab, while the ministry received 21 (13 grants) applications for electric vehicles for people with disabilities.

Motorists can benefit up to €10,000 from an ‘attractive’ state incentive package set up to encourage motorists to scrap their old petrol cars for a new, environmentally-friendly electric one.

A grant of €9,000 will be provided to buy a new electric vehicle and €4,000 for the purchase of a used car. Another €1,000 can be offered through a separate scrappage scheme.

The promotion of electric car use in Cyprus includes 14 categories from €1,000 to €100,000 and in the first phase is expected to satisfy 1,375 applications.

Those buying a brand-new electric car will be eligible for an additional €1,000 grant if they scrap a car which is over 12 years. It means they could benefit from a total grant of €10,000.

Grants for purchasing an electric vehicle with the right of withdrawal will be given for other categories of vehicles.

Electric taxis

Taxi drivers who wish to replace their cab with an electric vehicle will be given €19,000 for a new one and €12,000 for a used one.

The budget foresees 24 applications for a new electric taxi and 25 for used ones.

In addition, 13 grants of €11,000 each will be given for a new electric car designed for people with mobility problems or a large family car.

Some 25 grants of €7,000 each will be available for the purchase of used taxis.

People interested can apply online at www.ev.gov.cy . The ministry will be following a first come, first served principle.

Both individuals and professionals, as well as legal entities are potential beneficiaries of the scheme.

The plan also provides: €100,000 for the purchase of a new electric minibus, €40,000 for a smaller new electric minibus, €20,000 for a new electric commercial vehicle, as well as €1,500 for a new electric bicycle or four-wheeled micro-car, or moped, or tricycle, or motorcycle or light four-wheeled vehicle.

Following their application, beneficiaries will have two months to present proof of either purchasing an electric vehicle or ordering one from a dealership, and 12 months to carry out the purchase. Grants are awarded with the vehicle’s registration.

Source: Financial Mirror