Monaco launches a help-to-buy scheme for electric and hybrid vehicles

Aiming to reboot the economy and become more sustainable, the Principality has launched a help-to-buy scheme for electric and hybrid vehicles. Five million euros has been put aside by the Princely Government to help people invest in more environmentally friendly ways of driving.

Conscious of the rise in air pollution and an increase in greenhouse gases, the Princely Government has long been in favour of electric vehicles. For more than 25 years, they have been incentivising people to convert to this more eco-friendly method of transport, since traffic accounts for one-third of emissions in the Principality.

Today, almost 8% of registered vehicles in Monaco are either hybrid or electric.

Marie-Pierre Gramaglia, Minister of Public Works, the Environment and Urban Development

“Today, almost 8% of registered vehicles in Monaco are either hybrid or electric,” explained Marie-Pierre Gramaglia, Minister of Public Works, the Environment and Urban Development. “This is a promising figure, but one that definitely needs improving. The financial help being offered as part of the coronavirus recovery plan could encourage those already thinking about going electric to make that move, I really encourage them to take advantage of the scheme.”

Incentives in place since 1994

Since 1994, as technology has developed, the Princely Government has been adapting its programmes to incentivise people to make environmentally friendly changes. Now, until the 30 June 2021, they are offering anyone who purchases an electric or hybrid vehicle in the Principality, including electric bikes, an economic reward*.

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The authorities set aside 5 million euros to relaunch the economy. Since November 2020, almost 950,000 euros have been given to people investing in eco-friendly modes of transport.

*In order to be eligible for the economic incentive, the vehicle must be purchased in the Principality, emissions must be less than 60 g/km of CO2, the purchase price (excluding options) must be less than 50,000 euros including taxes, and the vehicle must be ordered before 30 June 2021.