Available through Macquarie Leasing, the program offers a 0.7% discount on finance for electric vehicles, plug-in hybrid electric vehicles and a range of eligible energy efficient and renewable energy equipment, while a 0.5% finance discount is available to those customers choosing eligible lower emissions passenger vehicles.

“Electric vehicles will play a big role in terms of creating more sustainable cities with less pollution and improved health outcomes for our community,” Minister for the Environment and Energy Josh Frydenberg said.

“By providing discounted finance through the CEFC, it is hoped we can encourage a greater uptake of electric vehicles and reduce emissions.”

Earlier this year, the government’s Australian Renewable Energy Agency (ARENA) provided a $390,000 grant to ClimateWorks to support the uptake of EVs.

The newly formed Electric Vehicle Council believes Australia is behind in its EV uptake.

According to its research, 50% of consumers would consider buying an EV today, but that could increase to 70% with the right policy support to help the vehicles reach price parity.

UBS assumes EV sales of 15 million globally by 2025, up from around 2 million sales in 2016.