Energy Minister Simeon Brown and Climate Change Minister Simon Watts have announced the Low Emissions Heavy Vehicle Fund (LEHVF) to promote innovation and offset the cost of hundreds of heavy vehicles powered by clean technologies.
“Boosting economic growth and productivity is a key part of the Government’s plan to rebuild the economy. The LEHVF will offset upfront costs for businesses, enabling them to increase productivity with vehicles that are cheaper to operate.”
As part of Budget 2024, the Government confirmed $27.75 million towards offsetting the purchase prices of low and zero-emissions heavy vehicles.
“High upfront costs and the unknown total cost of ownership are the main barriers to the uptake of zero and low-emissions heavy vehicles. To address this barrier, the LEHVF will contribute up to 25 per cent of the cost of new zero and low-emissions heavy vehicles, and up to 25 per cent of the cost to convert existing higher emitting heavy vehicles to be powered by low-emissions technology.
“By offsetting up to a quarter of these vehicles’ purchase price, the Government is encouraging businesses to trial these new technologies to reduce day-to-day operating costs, ultimately saving money for consumers at the checkout.
Read the full release on the Beehive website(external link)
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