To help advance Australia ’ s commitment to net zero emissions by 2050 , green car loans have grown in popularity over the last couple of months . Westpac started a campaign offering discounted lending rates for customers investing in low emission vehicles such as EV or hybrid models , with most other large bank and second tier lenders following suit . Financiers are now offering not just reductions on their usual car loan rates but historic low , long term , fixed interest loans for buyers . This is attractive given the rising interest rate environment we ’ re currently in .
In order for Australia to increase the uptake of EVs , charging infrastructure needs to see improvement . According to the Electric Vehicle Council , there are 291 fast charging sites around Australia with a commitment to grow to 700 over the next five years . The Queensland government has recently announced phase three of the Queensland Electric Super Highway project , adding a further 24 fast charging stations to Western Queensland . This grows its roll out plan to 55 on major tourism routes , including :
• Coolangatta to Port Douglas
• Brisbane to Toowoomba
• Brisbane to Mount Isa
• Goondiwindi to Emerald
• Cunnamulla to Barcaldine , and
• Longreach to Cairns
However New South Wales has set the standard in their fast charging network , committing $ 171 million in their Electric Vehicle Fast Charging Masterplan with locations determined by EV ownership , population , tourism , and traffic movements , among other factors .
The growth in charging stations brings attention back to the longevity of service stations as an asset class and the likelihood of where charging stations may be located in the future . With a high proportion of sales to date being for hybrid vehicles , the need for fuel will continue . Without robust mandates such as close to 100 per cent EV adoption by the government , we ’ ll see a continued need for service stations into the future . The ongoing development of service stations highlights the anticipated long term strength of the asset class as we ’ ve seen the transformation of new service stations over the past few years growing their food offering . This may be in anticipation of consumers ’ length of stay on-site increasing . With fast charging taking between 10 and 60 minutes , the surrounding environment will become increasingly important . Offering comfort , convenience and quality food or entertainment options will be vital , differing from a traditional service station offering . Similarly , we ’ ve seen the growth of shopping centres and supermarkets offering regular charging facilities .
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