Yesterday the Victorian Government announced a new Zero Emission Vehicle Subsidy program that offers $3,000 off the price of electric vehicles to help accelerate the transition to EVs. You can read a breakdown of the announcement here and here.
So imagine you’ve been wanting to buy an EV and this incentive has made the difference for you and your family and it’s time to access the scheme. How do you actually go about getting the $3,000 off the price of the vehicle?
The ZEV Subsidy is being run through the Solar Victoria website, which has successfully managed incentives for Victorians to get solar panels on their roof, solar hot water and discounts on home battery storage.
How to get $3,000 off the price of an EV.
Since the announcement, there’s been some discussion around how the incentive program would work, would it be a tax deduction, or a direction reduction off the price of the vehicle at the time of sale. Thankfully the subsidy / rebate will reduce the price of the vehicle by A$3,000 at the time of purchase.
The ZEV Subsidy will reduce the upfront cost to the customer of purchasing a ZEV through a subsidy available at the time of purchase and arranged through the car dealership.
This will support more Victorians to choose to buy an EV sooner and significantly increase the number of zero emissions vehicles (ZEVs) in Victoria over a short period.
Under the heading ‘how can I receive the subsidy’ section of the Solar VIC website, the following detail is listed.
The ZEV Subsidy will be delivered through car dealerships and will be applied at the point of sale. The dealer will claim the subsidy on your behalf when you purchase an eligible ZEV. The Victorian Government is working with car companies to put these arrangements in place. It will be deducted from the price and will be verified and payable when the vehicle is registered at a Victorian address.
Customers do not need to apply separately for the rebate.
Purchasers of EVs from the day of launch on 2 May 2021 (today), to when payments are available in July will be contacted directly to arrange payment.
Customers are advised to retain their Car Registration Certificate and Contract of Sale.
The design of this program is really well done, there’s no waiting for tax time to claim back the money, instead you simply go and buy the vehicle as you normally would and the price tag will be $3,00 less. It makes the whole process incredibly easy for the customer and places the emphasis on the business claiming the subsidy from the Government on the back end.
Are businesses eligible?
A new piece of information this morning clarifies that Victorian businesses will be able to access the subsidy and