The Bahamas Development Bank (BDB) has announced a ground-breaking financial incentive for businesses in the form of 100% financing at low interest rates for the purchase of Electric Vehicles for their fleets.
The Bank is the Government’s primary provider for promoting industrial, agriculture and commercial development, facilitating participation in approved enterprises while stimulating and enhancing the economic development of The Bahamas.
“Our role is to encourage economic diversification, and projects that support climate resilience are very important,” said the Bank’s Head of Strategic Development and Initiatives Unit, Sumayyah Cargill, while confirming that the new incentive is now open for applications. “We realise that transitioning from gas to electric will involve capital costs up front but will result in savings to the bottom line over time.”
Pia Farmer, Managing Director of Easy Car Sales, the first 100% Electric Vehicle (EV) dealership in The Bahamas, welcomed the announcement.
“This facility means that businesses who adopt EVs can realise huge savings in fuel and service costs on day one. Gas prices are now about $5 per gallon, but the cost of electricity to go the same distance is only $1 per e-gallon, that’s an 80% savings. When you are driving all day, every day, offering deliveries or services, that has a major effect on the profitability of your company. And EVs are simpler and cheaper to maintain because there is no combustion engine, so they stay on the road, not in the garage.”
According to a recent report by UHY Bain & Associates, affiliated to the global accounting network, The Bahamas was ranked eighth in the world in year-over-year EV sales growth in 2020.
“The EV revolution is here, and picking up speed,” said Mrs. Farmer. “Financial incentives such as this from the Bahamas Development Bank will ensure continued growth in the market, better profits for our local businesses, and help in the economic recovery of or country, all while reducing harmful CO2 emissions.”
Application forms are available on the BDB website, www.bdb.gov.bs, and on the EASY CAR SALES site, www.easy242.com.