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Ministers approve electric vehicle subsidies

Source: EFE - Wed 11th May 2011

The government has agreed to set aside 72 million euros ove rthe course of the year in order to subsidize the purchase of electric cars.

Prime Minister Jose Luis Rodriguez Zapatero's government has also approved a measure which will provide a regulatory framework to encourage the creation of charging stations for such electric car, in locations such as parking lots and shopping centers in popular areas.

Another measure calls for the introduction of a "supervalle" (super off-peak) rate for drivers who charge their electric vehicles overnight as opposed to during peak hours. Last week Ministers approved a Royal Decree authorizing subsidies for electric cars bought in 2011.

Anyone wishing to purchase such a vehicle will be able to take advantage of a subsidy equal to 25% of the cost of the vehicle, before tax, up to a maximum value of 6,000 euros per vehicle.

Subsidies are also available for larger electric-powered vehicles, such as buses and trucks, which will cover 25% of the cost of the vehicle, including tax. The maximum subsidy available for larger vehicles varies between 15,000 to 30,000 euros, depending on the specifications of the vehicle in question.

There are currently around 20,000 electric cars on the road in Spain, and the Ministry of Industry expects the figure to increase to 250'000 by 2014.

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