The Clean Energy Finance Corporation (CEFC) has once again teamed up with independent Australian non-bank lender, Metro Finance, saving eligible customers who finance a $60,000 electric vehicle about $1,700 in interest over five years.

This partnership follows the introduction of the Albanese government’s New Vehicle Efficiency Standard (NVES), which came into effect on 1 January 2025, delivering more choice of cleaner, cheaper-to-run cars.

The Standard will reduce emissions from new passenger vehicles by more than 60% by 2030 and roughly halve the emissions of new light commercial vehicles over the same period. In addition, motorists are predicted to save around $95 billion in fuel alone by 2050 and over the same period, transport sector carbon emissions are expected to be reduced by around 321 million tonnes.

“It means car makers now have an incentive to send us their most efficient vehicles, while ensuring Australians have access to the range of vehicles needed for work and leisure,” CEFC said in a statement.

“We are helping more Australian businesses into the EV market, with a new $50 million initiative for farmers, freight companies and other small and medium businesses to obtain cheaper finance for electric vehicles along with solar, batteries and more energy efficient equipment.

“Under the previous $50 million commitment announced in July 2024, the finance delivered over 4,000 EVs onto Australian roads as of December 2024.”

EVs made up 9.5% of light vehicle sales in 2024, up from 8.4% in 2023 and 3.8% in 2022. Over 100,000 new EVs were sold in 2024 and there’s an estimated 283,000 EVs on Australian roads.

Minister for Climate Change and Energy, Chris Bowen said, “Australian motorists deserve more choices of cleaner, cheaper-to-run cars and that’s exactly what the Albanese government is delivering. Through the New Vehicle Efficiency Standard and our latest CEFC investment with Metro Finance, we are putting the power back in the hands of small business and helping to ease cost-of-living pressures.

“Clean technologies like EVs, solar, batteries and electric machinery are a great way for businesses to save on energy bills and decarbonise.”