Best Auto Loans for Environment-Friendly EVs
Famed for being environmentally friendly, electric vehicles are also becoming the best friends of your wallet. However, it’s not easy to dump the gas-fuelled mindset that fuelled the expansion of the auto industry for well over a hundred years.
That’s why New Brunswick is actively encouraging its residents to take the leap and invest in electric vehicles. These steps range from tax credit incentives to steadily expanding network of charging stations. This means borrowing less to finance EV purchases, often under special conditions.
Are you Worried about Charging your EV?
A huge country famed for its wide-open spaces, Canada is driving ahead steadily towards its 2035 zero-emission target for light-duty vehicles. Notable for its progressive stance, New Brunswick stands out among Canada’s provinces for its electric vehicle charging station network.
With only some 65 kilometers between each charging station, and more than 200 service points, drivers can top up their electric vehicles easily, in urban centres, as well as along main highways and even suburban roads. Now there’s no need to feel guilty about taking long road trips, as they no longer impose pollutive burdens on the environment.
Lower EV Costs
On the public network, each recharge costs just a few pennies. This means that even trips can actually save you money on your EV, compared to the expensive gas-guzzlers of past decades.
You can save even more through the federal programme offering tax credits of up to $5,000 on electric vehicles costing under $45,000 (base price, before add-ons, freight, delivery and financing costs). In fact, the Incentives for Zero-Emission Vehicles (iZEV) Programme will continue beyond March 31, 2022, while retaining the same programme parameters.
In parallel, some Provincial Governments have also launched their own rebate programmes, with British Columbia and Québec leading the way.
EV Purchase/Lease Incentives in British Columbia
- $3,000 for a hydrogen fuel-cell vehicle (FCEV).
- $3,000 for a new battery electric vehicle (BEV/EV).
- $1,500 for a plug-in hybrid electric vehicle (PHEV).
EV Purchase/Lease Incentives in Québec
- up to $8,000 off the purchase of fully electric, plug-in hybrid, hybrid and hydrogen fuel cell cars, as well as electric motorcycles;
- up to $4,000 for the purchase of a used fully electric car;
- up to $5,000 per wand for the purchase and installation of workplace charging stations.
However, the 2022-2023 budget approved by the Gouvernement du Québec will reduce these rebates for new or used vehicles, from April 1, 2022 onwards. As of March 2022, no figures have yet been released.
Tax Credit Eligibility
Before dropping in on your friendly neighbourhood dealer, check out the conditions that qualify your target vehicle for this government bounty. The exact amount of each credit depends on the battery capacity and the price of each model.
Generally more expensive, only a few all-electric vehicles are eligible for these tax breaks. Instead, check out the wide range of plug-in hybrids, as consumers purchasing or leasing eligible vehicles will still receive this incentive, even after April 1, 2022.
What about Charging at Home?
Just like their smartphones, most consumers want to charge up their cars while they sleep. The best option is a smart charging station, which can be controlled remotely through the Internet.
Installation costs vary from around $1500 to $2500, depending on the complexities of each layout, particularly distance from the main panel, and obstacles that must be circumvented. For vehicles covering about 20,000 kilometers a year, charging costs around $300 for all-electric battery cars, and just $180 for plug-in hybrids. Either way, this is a great return on your investment!
Special EV Loans
Some financial institutions – like the Royal Bank of Canada – offer special EV financing rates for manufacturers such as Chevrolet, Chrysler, Hyundai. Kia and Tesla. With all these money-saving options available to electric vehicle buyers in Canada, it’s easy to protect your wallet while conserving the environment as well!