Second phase of electric vehicle subsidy scheme announced

The Transport Ministry on Wednesday announced the second phase of the scheme subsidising the purchase of electric vehicles.

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

The scheme also includes the possibility to exchange an old vehicle for a grant that can go towards the purchase of an electric vehicle or, under conditions, towards bus tickets or grants for an e-bike.

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

With a budget of 10.16 million euros, the scheme will cover 2,518 grants for all kinds of vehicles.

Speaking at an event in Larnaca on Wednesday, Transport Minister Yiannis Karousos explained that the difference between this programme and the previous one, is that, regarding the electric vehicles, there will be no priority order and people do not need to rush to submit applications, since in the event that those interested exceed the number of available subsidies, there will be a draw.

He added that “there are 17 categories for electric vehicles with the subsidy starting at 10,000 euros, while the subsidy for the withdrawal program is 7,500 euros”.

“In order to apply, those interested in buying an electric vehicle will need to provide a certificate from a vehicle seller that they have been informed of the price of the car,” the Minister added.

Applications will start on January 9, 2023, from 11 am until March 9, 2023, at 11 am.

Regarding the vehicle withdrawal program, which gives up to 7,500 euros for a car, the Minister said that “the order of priority will be with the oldest vehicle to be retired. In other words, the older the vehicle that is withdrawn, the greater the chances of someone being approved.”

Read more:

3,000 applications for subsidies for electric vehicles