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Is it Worth it to Invest into EVs in Australia in 2023?

May 05, 2023

Electric vehicles (EVs) are becoming increasingly popular around the world, and Australia is no exception. With the government setting ambitious targets for reducing emissions and promoting sustainability, many people are considering investing in EVs. However, the question remains: is it worth it to invest in EVs in Australia? The short answer is yes, investing in an EV in Australia is worth it, but it depends on your individual circumstances. There are several factors to consider before making the investment.

Australia’s journey towards EVs has been a slow and steady one. The first electric car in Australia, the Blade Electron, was released in 2008. However, the real push for EVs started in 2010 when the federal government introduced incentives for low-emission vehicles, which included a reduction in the luxury car tax for cars with emissions below 120 grams of CO2 per kilometer. This paved the way for the introduction of more EVs, such as the Nissan Leaf and the Mitsubishi i-MiEV.

Despite this, the adoption of EVs in Australia has been relatively slow due to various factors, such as the lack of government incentives and the high cost of EVs compared to their petrol counterparts. Additionally, Australia’s vast size and relatively low population density make it difficult to build the necessary infrastructure for EVs, such as charging stations.

The cost of EVs in Australia is still relatively high compared to traditional petrol cars. However, this is changing as the cost of battery technology decreases and the government introduces incentives for low-emission vehicles. For example, the Australian Federal Government’s “Future Fuels Strategy” aims to support the transition to low-emission vehicles by investing in charging infrastructure and providing tax incentives for businesses that invest in EVs.

The range of EVs is improving, making them more practical for everyday use. Many new models of EVs can now travel over 400 kilometers on a single charge, making them a viable option for longer trips. Additionally, the introduction of ultra-fast charging stations means that it is now possible to charge an EV in a matter of minutes, rather than hours.

EVs are more environmentally friendly than petrol cars, which is a significant consideration for many people. According to the Australian Bureau of Statistics, the transport sector is responsible for around 18% of Australia’s greenhouse gas emissions. By investing in an EV, you can significantly reduce your carbon footprint and help to combat climate change.

Lastly, there are additional benefits to investing in an EV in Australia. For example, EVs are exempt from stamp duty in some states, which can save you thousands of dollars. Additionally, EVs require less maintenance than petrol cars, as they have fewer moving parts, which can save you money in the long run.

In conclusion, while the journey towards EVs in Australia may have been slow, the future looks promising. With the introduction of government incentives and a growing awareness of the need for a more sustainable future, the adoption of EVs in Australia is set to accelerate. Additionally, the increase in charging infrastructure will make it easier for Australians to transition to EVs, making them a viable and sustainable option for more and more people.

Investing in an EV in Australia is worth it for many people, but it depends on your individual circumstances. If you are concerned about the environment and want to reduce your carbon footprint, an EV is an excellent choice. Additionally, as the cost of EVs decreases and the government introduces incentives, investing in an EV is becoming more affordable. The adoption of clean energy starts with your home, switch to solar for your electricity needs and reduce your power bills. Get in touch with the Solar Miner team today at 1300285885 to learn more about our smart home bundle offer. 

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