Spain approves plug-in vehicle subsidy worth up to $8,602 ($43,000 for buses)

Last Friday, the Government of Spain signed off on a measure that will provide incentives to hopefully stimulate the introduction of plug-in vehicles. The legislation includes direct subsidies for the purchase of such vehicles, with a budget of €72 million ($103 million U.S. at the current exchange rate) set aside for 2011.

According to La Moncloa, most plug-in vehicles will be subsidized "up to 25 percent of the purchase price, before tax, to a maximum of €6,000 per vehicle ($8,602 U.S.)." In addition, 25 percent of the gross purchase price of other commercial electric vehicles, including buses, coaches and vans will be subsidized, with a discount that ranges from €15,000 ($21,504 U.S.) to €30,000 ($43,008 U.S.), depending on vehicle type. Wow.

[Source: La Moncloa via Green Car Congress]