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Financial aid to incentivise electric or hybrid car purchase

 - Budget 2022 - Oct 11
Financial aid to incentivise electric or hybrid car purchase

Addressing the presentation of the 2022 Budget, Finance Minister Clyde Caruana announced that financial aid to incentivise the purchase of electric or Plug-In hybrid vehicles will increase by €3,000 the day following the budget. This means that from €8,000, the financial aid will increase to €11,000, but can also increase to €12,000 in any case where the car scrapping scheme is utilised. 

The Minister also announced the extension of measures related to the purchase of electric vehicles which include freedom from registration tax and exemption from annual road  license fee for a 5 year time period. 

As of the start of 2023, the capping of plug-in hybrid vehicles will climb from 30 kilometres autonomy to 50 kilometres. The special rate applicable for residential homes which allows electric car owners to charge the vehicles throughout the night will remain in effect.  

A scheme was also introduced which will see a €900 grant to all those who install photovoltaic panels on trucks, coaches and/or minibuses. 

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Photo Source: Clyde Caruana FB

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