February 17 (Renewables Now) - The Canadian government has pledged to provide CAD 8 million (USD 6m/EUR 5.6m) in financing electric vehicle (EV) charging infrastructure across the province of Ontario.
The funding will be provided through Natural Resources Canada -- a government entity that is tasked with promoting the sustainable development of natural resources. It will facilitate the construction of 160 fast chargers at 73 locations in Ontario, which will be installed by local utility Hydro One Ltd (TSE:H) and state-owned power producer Ontario Power Generation (OPG).
The financing initiative is part of Canada’s ambitions to promote the wider adoption of EVs and achieve its goal for a 100% zero-emission passenger vehicle sales by 2040. In support of it, the government is investing more than CAD 300 million into the development of a coast-to-coast fast-charging network for EVs.
Canadians can currently take advantage of certain purchase incentives for electric automobiles, as well as full tax write-offs for using zero-emission vehicles in business.
(CAD 1.0 = USD 0.755/EUR 0.696)