Background to Owning an Electric Car on Menorca

Incentives by National Government:

The Spanish government has implemented a series of incentives to make EVs more accessible to its citizens. One of the incentives is the Plan MOVES III that was developed to encourage the purchase of electric cars, PHEVs, and fuel cell vehicles. The plan consists of an allocation of 400 million euros for the installation of recharging stations, the promotion of shared electric mobility solutions, and the implementation of measures to promote electric vehicle penetration in the country.

Another central government incentive is the Bonus VEA 2021. This is a €7,000 grant given to individuals or companies for the purchase of a new electric car with a sales price of less than €45,000. The EV must have a range of over 90 km, CO2 emissions must be under 0 g/km, and be registered in the buyer’s name for a period of two years without being sold or transferred. Furthermore, Spain also offers financial incentives for replacing combustion vehicles with electric vehicles: a €1,000 incentive to replace an old diesel vehicle with an EV.

Incentives by the Local Government

Local governments have adopted their own incentives to complement and reinforce National incentives. The municipal council of Madrid encourages electric mobility with progressive tax exemptions for electric vehicles, as well as free parking in regulated areas. In addition, between 7 am and 10 pm, electric cars can be parked at area-regulated parks and streets without time limits. Also, Valencia has announced an incentive plan called Plan Respira València, which aims to reduce pollution levels by promoting electric mobility. The plan offers free public charging points, zero-emission zones, and incentives for businesses to switch to EVs.

Plans going forward

In July 2021, the Spanish government announced its intention to ban the sale of new petrol, diesel, and hybrid cars in 2040. The plan seeks to have at least 70% of passenger cars and 30% of trucks and buses being EVs by 2030.

The government also set up the Green Mobility Fund, aimed at supporting research into more sustainable methods for transportation. The fund is expected to be in operation by 2023, and it will provide financial support to research institutions, start-ups, and EV manufacturers.

The Cost of Electricity

Electric vehicles, such as the Fiat 500, use electricity to power their engines. The cost of electricity in Spain is among the lowest in Europe, with an average price of €0.15 per kilowatt-hour (kWh). Depending on where you live and the tariff you have, the price can vary slightly, but it is still much lower than the cost of gasoline.

Maintenance Costs

Electric vehicles have fewer moving parts and require less maintenance than gasoline-powered vehicles. The Fiat 500 electric has a simpler drivetrain, which means that there is less wear and tear on the components. Additionally, electric motors do not require oil changes or air filter replacements, which saves money on maintenance costs.

The Fiat 500 electric also benefits from regenerative braking, which recovers energy as you slow down. This means that the brake pads and rotors will last longer, again reducing maintenance costs.