“Social Leasing” Could Provide Affordable EVs to 3 Million Households in Europe

National schemes could be financed by the revenues generated by the EU’s carbon market and Social Climate Fund, analysis finds. It would enable many low and modest-income households to move away from dependence on combustion cars and fossil fuels.

Up to 3 million households on low or modest incomes in Europe’s five largest countries (Germany, Spain, France, Italy and Poland) could switch to electric cars by 2032 thanks to social leasing, according to an analysis by T&E based on data from the Öko-Institut. This scheme, which allows affordable electric vehicles under €25,000 to be leased at reduced rents (from €130 and up to €215 per month [1]), already exists in France and could be implemented by other EU countries.