The Cabinet of Ministers, has granted approval for the extension of reduced Import Duty and Excise Tax rates, specifically for Electric and Hybrid Vehicles. Contact online >>
The Cabinet of Ministers, has granted approval for the extension of reduced Import Duty and Excise Tax rates, specifically for Electric and Hybrid Vehicles.
The decision to extend these reduced tax rates aligns with the objectives of the OECS Commission led Solar Challenge " Race to the Sun" as well as the goals and objectives of the recently approved National Energy Policy (2023-2030) and Saint Lucia''s updated Nationally Determined Contributions (NDCs), emphasizing the transport sector’s significance in mitigating Saint Lucia''s greenhouse gas (GHG) emissions.
Recognizing the pivotal role of tax incentives in encouraging the adoption of hybrid and electric vehicles while simultaneously curbing the country’s reliance on fossil fuels through the electrification of energy demand which dovetails the greening of the island''s electricity grid, the Cabinet believes that maintaining lower tax rates will promote the uptake of environmentally friendly vehicles. The aim is to reduce emissions within the transport sector.
To address stakeholder concerns and prevent a potential increase in effective taxes on hybrids and EVs due to the waiver’s expiration, the Department of Finance proposes to retain the existing excise and duty rates (ranging from 5.0 to 10.0 percent import duties) from December 1, 2023, to August 30, 2024.
This extension will afford the Department sufficient time to implement the new HS (HS 2022) and prepare for potential revisions to the excise and duty system for all vehicles, which will be presented for Cabinet''s consideration.
Moreover, to bolster efforts towards reducing carbon emissions and achieving energy independence, the Departments of Finance and Infrastructure have been diligently working to ensure that the upcoming introduction of the new HS classification system incorporates specific categories for different classes of hybrids and EVs.
The intent is to propose a comprehensive revision of the excise and duty system for all vehicles in alignment with these classifications.
SOURCE: Department of Finance
I am buying one so this is right up my alley I can charge it all I want It won’t cost me a thing
What happens when it is time to change the batteries on these electric/hybrid vehicles? The cost of these batteries will exceed whatever savings you make on duties and fuel. Expect to pay a minimum to $10,000 (item cost, shipping, duties, labour) to replace battery on a smaller hybrid (Toyota Aqua, Honda Fit and similar). Far more for an electric car. And of course if you got to a roadside mechanic to try to save on cost, expect a disaster. Then now when these things age and start to burn….
People are thinking that by owning an electrichybrid vehicle youre saving loads on fuel ?? news flash youre not actually that much better off because for instance when using an electric car with a range on paper of 250 miles you actually get about half that because everytime you turn on the Air con or go uphill it uses quite alot of power.
Good job… Cost savings could only benefit St Lucians.
Negativity came about when cell phones were first introduced. Radiation and all. Now every one has one. In about 5 years time, those lambassing about it now will most likely own one.
Telephone Number: +1 758 488-4577
Accelerate the introduction of electric mobility in Saint Lucia through capacity-building and electric vehicle demonstration and prepare it for scaling-up and replication through the development of electric mobility policies, business models and finance sc
The Global Environment Facility (GEF) is a multilateral fund dedicated to confronting biodiversity loss, climate change, pollution, and strains on land and ocean health. Over the past three decades, the GEF has provided more than $22 billion in financing and mobilized another $120 billion for more than 5,000 national and regional projects.
Saint Lucia is one of only three Caribbean nations participating in the 17-country scheme, joining Jamaica and Antigua and Barbuda in blazing a trail for the region and hopefully acting as a template for cleaner transportation in developing countries around the world.
First produced in 1838, electric vehicles (EVs) actually pre-date the standard internal combustion engine cars we''re familiar with today. However, EVs were pushed to the sidelines in the early years of the 20th century as combustion engines were commercialised.
Advances in technology, combined with a growing appreciation of their environmental credentials, are bringing EVs back into the mainstream. According to the European Environment Agency, EVs will represent more than 60 per cent of new sales by 2050 and comprise a quarter of global vehicles.
EVs produce zero tailpipe emissions, thereby reducing air pollution and improving air quality. They are also 60-80 per cent more energy efficient than their fossil fuel-burning counterparts. Given the Caribbean''s potentially ruinous reliance on fossil fuels, EVs seem a perfect fit for islands struggling to develop a greener transportation infrastructure.
The technology should not be considered a climate cure-all, however. While EVs do not produce the same level of emissions as fuel-burning cars, they still run on electricity and are therefore still part of the same problematic energy generation system. "Electric vehicles are only as good and as clean as the electric grid," explains Filippo Berardi, Senior Climate Change Specialist at GEF. "The transformation and de-carbonisation of the transportation system will have to go hand in hand with the de-carbonisation of electricity generation."
"The sooner you start greening your fleet, the sooner you can start taking advantage of renewable resources on the generation side. We need to take a holistic approach to de-carbonisation. It is two sides of the same coin."
GEF is committed to helping countries map out this holistic approach. The initial stages of Saint Lucia''s e-mobility project involve assessing its economic viability, and developing a regulatory policy and financial models. Stakeholders will be supported along the way by both a regional platform and global thematic working groups looking at topics such as how to safely dispose of the lithium-ion batteries used in EVs, integration with the national grid and creating a network of charging stations.
"Providing that framework and technical and financial input is the main nature of this initiative," says Berardi. "There is a lot to learn from sharing experiences between different countries. We have a global component that provides an umbrella framework for all of the different national projects, each of which is tailored to the national circumstances to recognise the different countries'' starting points. We are really looking to create a platform where we can leverage the different experiences and provide tailor-made, locally scalable solutions. We are hoping to replicate lessons learned."
In Saint Lucia, as in most developing countries, the policymakers are starting with a blank slate and first have to reframe the image that this is a niche sector, only accessible in wealthier jurisdictions. Berardi says: "Electric vehicles generally do not exist in the Caribbean. We try to support the public sector side on how you go about developing this market from scratch. This programme is reliant on a good dose of public action, as well as good planning when it comes to developing the supporting infrastructure. We always start with public transportation. That is the low-hanging fruit. The idea is that electric does not have to be seen as something that is only for the rich."
One of the biggest hurdles for any government addressing its transportation shortfalls is cost. Electric vehicles are more economical over the long-term but the upfront costs are higher and Berardi would like to see commercial banks and financial institutions chipping in to cover the pricing gap, saying: "We are laying the foundation for something that will require much more funding. We would like to see financial institutions being aware of the opportunities and start introducing products [for those opportunities]."
In the meantime, government is looking at fiscal incentives – taxing imports of internal combustion engine cars and reducing the cost of energy overall as it explores renewable sources. Berardi is hopeful that, by 2024, Saint Lucia will have a "clear roadmap and a clear path to follow", one that can inspire other Eastern Caribbean nations as developed and developing countries alike embrace a greener future. "Experiences from Saint Lucia will be hopefully valuable from a financial and economic viability model for the entire Caribbean. At some point, you have to start the transition [to clean energy] anyway so future proofing your transportation sector is going to be necessary."
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