The National Commercial Bank (NCB), in its support of the country’s effort to expand e-mobility, has broadened its list of financing opportunities for customers to acquire electric vehicles (EVs) with the offer of a new auto green loan.

The new EV loan facility, the bank said, is designed for the purchase of new or used motorcars, SUVs, pick-up trucks and minivans and is being introduced with special concessions to incentivise buyers. The facility covers vehicles that utilise electric batteries as a fuel source (plug-in electric) as well as those that will plug into electric batteries as a primary source, but still features a secondary gasoline engine source (plug-in hybrid) and other hybrid electric vehicles.

NCB said it believes that making EVs more accessible through affordable financing is a necessary step in moving Jamaica closer to the EV take-up rate of our regional neighbours. Local auto dealers Toyota has also expressed an interest in the new shift as they also move to include EVs among the range of vehicles being lined up for purchase.

“Alongside NCB, we look forward to making the transition from gasoline to hybrid and onto electric vehicles in the not-too-distant future. This ‘green loan’ is another step in the right direction,” said Mick McGrane, head of sales and marketing at Toyota Jamaica.

EVs are considered to be significantly more environmentally friendly to operate than internal combustion engine (ICE) vehicles, emitting 50 per cent less carbon dioxide.

“The world transportation sector is pressing forward with a green agenda that cannot be ignored. Products like this new ‘green loan’ facility will contribute to creating the ecosystem that provides affordable means for buyers to acquire EVs. We’re clear on our role and we’re happy to lead the charge with this offer,” stated Sheree Martin, head of retail banking and grou,p customer experience for NCB.

The bank through the launch of its Drive Green promotion, is pushing to feed into the demand of customers interested in owning the increasingly popular battery-powered vehicles. With EVs fast becoming a feature of the future, more automakers have been adding these more environmentally friendly vehicles to their line-up.

According to global statistics, EV sales have increased by over 160 per cent during the first half of this year to 2.6 million units in the top three auto markets and represents some 26 per cent of new sales in the global automotive market.

Analysis from a recent IDTechEx report also forecast that sales for electric vehicles were on track and are expected to surpass five million units this year — counting only passenger cars.

“If they do, it will mean an astonishing growth rate of 86 per cent compound annual growth rate (CAGR) since 2011,” the report stated.