Speaking on the Today programme, Shadow Chancellor announced that Labour will
introduce 2.5 million interest free loans for the purchase of
electric cars.
The loans of up to £33,000 will allow low to income households,
those living in rural areas and independent contractors and SMEs
middle to save on new electric cars. The government will cover
the £1,500 cost of interest on a loan, with individuals saving up
to £5,000 over time.
The scheme will ensure that access to the Electric Car Revolution
is broadened beyond elites, as part of Labour's vision of clean
transport for everyone.
The interest-free loans will require participation in a mass
trial of Vehicle-2-Grid technology which will allow the UK to
transition to renewable energy.
This new technology will allow electric cars to store excess
energy from the national grid, smoothing energy supply from
renewable sources.
The scheme will boost the British automobile industry and support
the UK’s transition away from petrol and diesel cars.
MP, Labour’s Shadow
Chancellor, said:
“This will stimulate the automotive industry, it will sustain
jobs in the conversion from fossil fuels to electric but actually
it will create new jobs as well.
“So this is beneficial in terms of the climate, it is beneficial
for those people who want to convert their carbon-fuel powered
car into an electric vehicle that is sustainable.
“At same time it will help support the automotive industry and
create jobs. Those jobs are in areas where we have had real
issues, particularly with Brexit.”
Ends
Note to Editors
The Government has been slammed repeatedly, including by the
Society of Motor Manufacturers, for scrapping support for
electric
cars.https://www.theguardian.com/environment/2018/oct/12/scrapping-uk-grants-for-hybrid-cars-astounding-says-industry
500,000 interest free loans would be issued every year, for five
years. Maximum loan size of £33,000 in Year 1, dropping as EV
costs fall, issued by car manufacturing and dealers but
guaranteed by the government.
Interest free loans such as these are being provided in
Scotland.https://www.gov.scot/policies/renewable-and-low-carbon-energy/low-carbon-transport/
Vehicle-2-Grid technology will allow the UK to transition to
renewable energy by balancing the peaks and troughs of caused by
renewables. Electric cars will store energy when demand is low
(e.g. during the night when the wind is blowing but people are
asleep), and discharge into the grid when energy use peaks (e.g.
in the evening as people arrive home from work). This smooths out
demand and reduces reliance on gas-powered power stations that
have needed to be switched on at this time
https://www.theguardian.com/environment/2019/jul/11/electric-cars-could-form-battery-hubs-to-store-renewable-energy
