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EV chargers to be installed across regional NSW: how you can afford an EV

EV chargers to be installed across regional NSW: how you can afford an EV

Thousands of Electronic Vehicle (EV) charges are set to be installed across regional NSW, under a $20 million grant program aiming to boost tourism and the uptake of EVs in the state.

The multi-million-dollar program by the state government will be made available to regional councils, allowing them to apply for funds to install an estimated 3500 EV charges across locations like motels, wineries, and museums.

This roll out is part of the $500 million NSW Electric Vehicle Strategy to increase EV sales and transition more drivers to EVs. It aims to boost the sale of EVs from 2% currently to 52% of all new car sales by 2030-31.

The news comes days after an announcement from NSW Deputy Premier Paul Toole that chargers are now operating at Wilcannia and Cobar – forming part of the 20 sites available in the regions for EV drivers.

This $3 million partnership between the NSW government and NRMA means that drivers travel no more than “300km to recharge their vehicles when making the 1000km journey between Sydney and Broken Hill,” said Mr Toole.

By increasing access to EV chargers, the state government may be able to fix the pressure points of buying an EV, and meet its uptake goal of over half of new car sales in the next decade.

Fixing the pressure points of EVs

One of the biggest pressure points for EVs is ‘range anxiety’, i.e., the practicality of an EV when you take into consideration the sheer size of Australia and the distance a charge may take you.

The average ‘fuel’ economy for an EV, which is observed as watt-hours per kilometre, shows that a full charge for an EV could take you between 120km and 500km, depending on the make and model of the vehicle.

When you factor in that the estimated distance between Sydney and Newcastle is greater than what some vehicles may deliver from a single charge, it can be a daunting prospect to switch to an EV when the next charging station is not guaranteed.

The chargers being funded by the state government are estimated to provide around 130 kilometres of range in one hour. Regional Transport and Roads Minister, Sam Farraway, said: “This will grow local economies and support small businesses in areas impacted by COVID, bushfires and floods.”

The other great pressure point preventing some drivers from committing to an EV is the cost. While the initial price point of an EV can climb much higher than your average petrol-using car, car loan lenders are helping to make EVs more affordable with competitive green loans.

Green car loans generally come with lower-than-average interest rates for customers to encourage drivers to make more sustainable choices. A green car loan would be available to eligible borrowers looking to purchase an EV, as well as BEVs, PHEVs and hybrid electric vehicles (HEVs).

If you’re considering making a more environmentally-friendly choice for your next car purchase, it may be worth considering if a green car loan could help finance your EV.

Compare green car loans

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This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

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