Electric vehicles and bikes purchased from Monaco dealerships will benefit from a new government subsidy designed to kickstart the local economy and accelerate the Principality’s energy transition.
The Government has offered an incentive policy for the purchase of electric vehicles for more than 25 years now, with the objectives of improving air quality and reducing greenhouse gas emissions, which account for a third of all emissions in the Principality.
Over the years, the policy has evolved to refocus on the latest vehicles taking into account technological developments.
Now, as part of Monaco’s Economic Recovery Plan, the government has decided to support car and motorcycle dealerships in the Principality while accelerating the energy transition.
It is offering a bonus until 30th June 2021 for ecological vehicles or electrically assisted bicycles that have been purchased in the Principality. The vehicle must produce less than 60g of emissions per kilometre and the purchase price must not exceed €50,000 including tax.
The total stimulus package is worth 5 million euros, €950,000 of which has been allocated since November 2020.
“Today, electric and hybrid vehicles represent nearly 8% of the fleet registered in Monaco – an encouraging figure, but one that only calls for progress,” said Marie-Pierre Gramaglia, Minister of Equipment, Environment and Town Planning. “The aid allocated within the framework of the recovery plan can be an incentive for those who want to take the step towards electricity. I encourage them to do so.”
For electric bikes, the government will subsidise 30% of the price with a maximum of €400, while a threshold of €3,000 or 30% will be offered for two wheelers which produce zero emissions.
The subsidies for cars, depending on the level of emissions, can range from €4,000 to €10,000.