Driving along Victorian roads it is hard to not to notice the growing popularity of electric vehicles (EV). In fact, the third best-selling vehicle in Australia at the start of 2023 was an EV model and the amount of EV brands to choose from is growing with prices coming down fast.
EVs are also referred to as Zero Emission Vehicles or ZEVs. Other ZEVs also include hydrogen fuel cell electric vehicles. ZEVs do not use petroleum fuels and therefore do not emit greenhouse gas emissions from the tailpipe.
ZEVs, including EVs, are not only better for the environment but cheaper to run. Electricity is much cheaper (in cents per kilometre) than petrol and they have fewer moving parts than standard petrol vehicles which can save you on maintenance costs.
You can find more information on the benefits of EVs over traditional petrol vehicles here.
Is an electric vehicle cheaper to own than a petrol-driven car?
The growing popularity of electric vehicles is no surprise considering every year they become more advanced, powerful and cheaper to own.
The ZEV Subsidy Program reduces the upfront cost of a new EV by offering a $3,000 subsidy towards an EV valued at below $68,740.
What vehicles are available under the ZEV Subsidy Program?
The table below shows a list of EVs eligible for the subsidy and (their approximate price brackets) as of April 2023.
|$60,001 – $68,740|
|Hyundai Kona Highlander|
|Mini EV (Classic)|
|Polestar 2 SR|
|Nissan Leaf E+|
|Tesla 3 SRP|
|Kia eNiro S|
|$50,001 – $60,000|
|Hyundai Ioniq Elite|
|Hyundai Ioniq Premium|
|BYD Atto 3 Standard|
|BYD Atto 3 Extended|
|Mazda MX-30 E|
|Hyundai Kona Elite|
|Less than $50,000|
|MG ZS EV 2022 Excite|
|MG ZS EV 2022 Essence|
As new models come online and prices fall still further, this list will change quickly.
For example, a new car – the MG4 – will be selling in Australia later this year for around $42,000. With the subsidy, that means you’ll be able to buy a brand new EV for under $40,000 – less than the average amount Victorians spend on a new car.
To be eligible for the subsidy, you must be a Victorian resident with a current Victorian driver’s license or a business with a registered office in Victoria.
Eligible EV models purchased under leasing agreements are also eligible, provided all other criteria are met.
The subsidy is available to individual Victorians for one vehicle purchase and to businesses for the purchase of up to two vehicles. The subsidy only applies once per EV.
Getting your home EV-ready
Instead of filling up at a petrol station, owning an electric vehicle allows you to charge where you park – at home or work.
Find a participating ZEV trader
You will need to buy an eligible car from a ZEV trader in our program to receive the ZEV Subsidy.
Reviewed 18 May 2023