Norway becomes the leader of Electric Vehicles

In an economy hardly hit by Coronavirus pandemic in the previous month, electric vehicles in Norway registered 60% of new cars on the market. 

Norway has a  long way to go, although it appears to attain the target set back in 2016 after getting full support from the government. 

The mindset of Norwegians has changed swiftly as compared to the previous three or four years, where they had skeptical minds. A large population of Norwegians now anticipate having electric vehicles in the future. 

The response to the question as to why Norway is so close to the set target is just clear. Apart from Norway is the leading oil and gas producer, the whole of domestic energy in Norway originates from hydropower, a renewable source of energy? 

From the answer, it is way much easy for Norway to adjust to the greener option of energy, unlike other states whose primary source of power comes from coal plants. To slash carbon emissions, Norway had to switch to its transport sector to a greener life.

Norway began to offer funds that would purchase and run all-electric cars under the imperative environmental policy. It kick-started by introducing transient exception from power purchase tax that exceeded the limits. 

Before oil discovery, Norway was an impoverished country. By then, Vehicles were expensive and taxed heavily. Vehicles in Norway are way too luxurious than any part of the world because if there was no purchase tax, then the cost of an electric vehicle drops to the regular price of any local car.

Since then, electric cars have received the freedom to park free of charge in any municipal car park, freedom to drive in bus lanes, and even take ferries without paying a single ticket. The vehicles have been freed from paying Value Added Tax (VAT) on the roads, on their cars, although the rates of taxes of an electric vehicle of an entity are lower than those found in diesel or petrol cars.

In 2017, the government issued a policy of permitting local administrations to charge all-electric cars 50% of the parking fee, ferry rates as well as road tolls. The same would apply to those vehicles driven by fossil fuels. 

Those who own electric cars in Norway save a lot of money. For instance, we have substantially reduced costs of fuel, parking, and maintenance. There is even more money that a buyer saves when purchasing an electric vehicle. 

Incentives given by the government were of great use as the drivers of electric vehicles have the freedom of parking anywhere with zero charges as well as free road tolls.