CYPRUS: Government announces incentive scheme to buy electric cars

Cyprus has approved an attractive EUR 7,000 incentive package to encourage motorists to scrap their old petrol cars for a new environmentally-friendly electric one.

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Transport Minister Vassiliki Anastassiadou, said the cabinet has backed her ministry’s proposal to promote the withdrawal of old fuel-powered cars while giving motorists the incentive to opt for a vehicle solely powered by electricity.

The scheme will also reward owners who take their car, older than 15 years, off the road with EUR 2,000 if they buy a new one.

While those who opt to exchange an old banger to buy an electric car, priced under EUR 40,000, will receive an additional EUR 5,000 (that’s EUR 7,000 in total).

Anastassiadou said the budget made available for the scheme is EUR 3 mln and its expected that some 1,250 motorists will benefit from the withdrawal scheme, and 100 from the electric car incentives.

"It is a very positive first step in gearing up our efforts to protect the environment while meeting our obligations towards the EU".

The minister said the electric vehicle package will include incentives regarding the installation of photovoltaic systems, parking benefits and other measures.

She clarified that in order to benefit from the withdrawal incentive scheme, an owner must purchase a new car with an engine not exceeding 1800cc.

The scheme should be operational by early 2020.