Are you aware that as a Salt Spring Island resident, you can borrow up to $7,000 with a very friendly low interest 3.5% loan, towards the purchase of a new or used fully electric vehicle (not a hybrid). Yes, and you may be eligible.
I am very excited to announce that the very first loan has been granted. In this case, the loan has been funded by a partnership of the TSS - Electric Vehicle Group and our local Transition Salt Spring Enterprise Cooperative (TSSEC). Future loans will be available from TSSEC’s Climate Action pool.
TSSEC is a cooperative with about 100 members who loan funds to go to individuals, community projects and businesses for climate action initiatives. In the past 12 years just under a quarter of a million dollars has been loaned to 37 projects and people! TSSEC acts as a “broker” between lenders and borrowers, and it offers low interest rates and a simple application process for its Climate Action Loan program. Larger loans are available as well for community initiatives and businesses.
The Salt Spring Electric Vehicles Group of 10 volunteers has, for over 10 years, held events, provided education programs and encouraged additional charging infrastructure. Starting with 5 electric vehicles and 2 chargers at ArtSpring which were installed by the Earth Festival Society, we now estimate a population of 450 fully electric vehicles and close to 20 free public chargers. Our efforts have reduced the use of oil products and therefore emissions which is the core goal of Transition Salt Spring. The EV Group is pleased to do its part. More information is available at ssiev.ca
Taking out a loan for an electric vehicle makes perfect sense. Think about loan payments being possible by diverting the funds that would have been devoted to purchasing fuel, oil and filter changes, and other maintenance items.
Of course, this loan is in addition to the existing incentives which include, for a new EV, $5,000 from the Federal Government and $4,000 (income tested) from the Provincial Government. Think EV’s are expensive - think again.
If you are interested in applying for an EV loan, please contact the Transition Salt Spring Enterprise Cooperative.
