What it means for Credit Union Members
The Minister for Transport, Darragh O’ Brien has announced a new EV scrappage scheme called ICE2EV. The scheme is designed to accelerate the transition from petrol and diesel cars to electric vehicles and it offers significant financial support for eligible drivers. For members of St. Canice’s Credit Union, understanding how this scheme works is key to making the right decision.
What is the EV Scrappage Scheme in Ireland?
The EV scrappage scheme allows drive to scrap older petrol and diesel cars and revieve financial support towards a new electric car.
Under the current scheme:
- Up to €8500 euro is available in combine support
- This consists of €5000 scrappage payment and €3500 EV grant
- It’s to be launched in July 2026 and will be on a first come basis
To qualify your car must be over 13 years old and must have been owned by you for a period of 12 months.
Why the EV Grant Matters for Members
The rising cost of new cars is a barrier for people to make the switch to an electric vehicle, and this scheme addressed this issue. The benefits to member include, lower upfront cost when purchasing and reduced running costs compared to petrol and diesel cars.
EV Scrappage Scheme Key Considerations
Everyone’s circumstances are different and before making a decision it’s worth taking a couple of points into consideration.
- Think about your current financial situation and capacity for borrowing
- Your daily driving needs and access to charging
- How long you plan on keeping your next vehicle
Support from St. Canice’s Credit Union
If this scheme appeals to you and you meet the criteria we can support you in putting the rest of your plan in place. Our Greenify Loan is designed to help members finance more sustainable choices on the road and in their homes.