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Growth of Electric Cars: More Popular and Affordable than Ever Before

Electric cars are becoming more popular in Canada with each passing year. Although there were less than 100 electric vehicles registered in 2010, over 15,000 are on the roads now. This growing trend can be attributed to a variety of factors, such as improved charging options, better batteries, an increase in the number of electric car models to select from, and a decrease in cost.

Many experts believe that a decrease in cost is one of the most significant reasons why electric car sales have steadily increased. Consumers that elected to purchase traditional vehicles in the past are now buying electric cars after considering the cost to benefit ratio of these automobiles. This trend only stands to continue, as provinces are updating their electric vehicle incentive programs to make electric cars even more affordable to own.

Electric Vehicle Incentive Programs

Growth of Electric Cars

The Canadian government is a strong supporter of electric vehicles, in large part because electric cars are better for the environment than their gasoline-powered counterparts. Electric vehicles do not directly produce greenhouse gas emissions or consume gasoline, making each one environmentally friendly.

Certain provinces in Canada are especially supportive, as they have established electric vehicle incentive programs that encourage individuals to purchase them. Ontario is one of these provinces and it has recently updated its incentive program to make electric vehicle ownership even more lucrative.

Ontario Incentive Program Changes

Ontario's revised electric vehicle incentive program offers electric vehicle buyers a number of incentives to purchase a new one. Changes include:

  • An additional $1,000 for electric cars with five or more seats
  • Up to $1,000 for the purchase and installation of vehicle chargers for home and business use
  • An opportunity to receive an additional $3,000 for cars with larger battery capacities
  • A larger incentive electric vehicles that range anywhere from $5,000-$8,500 to $6,000-$10,000

Each new incentive will give buyers a reason to look at electric vehicle ownership. While gasoline car sales are projected to remain significantly higher, the percentage of electric vehicle sales may reach its highest point yet.

Electric Vehicle Charging Stations

To further encourage electric vehicle sales, Ontario will provide $20 million in grants this year for public electric automobile charging systems. Kathleen Wynne, the Premier of Ontario, recently stated that "driving electric vehicles is a tangible way for people to make a difference" in reducing greenhouse gas emissions, and that Ontario knows that "there has to be the infrastructure in place" for electric car sales to take off.

Ontario's $20 million grant is part of a $325 million green investment. The province hopes to significantly reduce greenhouse gas emissions by 2050.

Does Your Car Meet Emission Standards?

Even if you may not be sold on electric vehicles, your car still needs to pass the emission standards set by your province. Our team at Canada Auto Loan is here to assist if you determine that you need a new vehicle. We will help you acquire affordable financing, regardless of your credit situation.

Just fill out our secure and easy online application and a member of our team will be in touch with you soon.