With the rise in concerns about the effects of climate change and sustainability, electric cars have become a popular option to cars that are powered by fossil fuels. However, the biggest impediment to uptake has been affordability, it was as a response to this that NCBA launched an EV financing facility.
Climate change has generally been brought about by rising average surface temperatures of the earth largely brought about by burning fossil fuels. This is because the burning of these fossil fuels such as petrol and diesel leads to the release of greenhouse gases such as carbon dioxide. Over time, production of these gases has negatively impacted the ozone layer leading to rising temperatures.
As a way to mitigate the adverse effects of climate change, a lot of individuals and companies are moving towards electric vehicles. This is because they offer a cleaner, quieter, and more cost-effective way to move people and goods.
Some of the advantages of electric cars include.
Cost Savings
With the rising cost of fuel in the global market, the price of fuel in the country has been on an upward trend. This has made it very costly to run a vehicle especially for businesses. However, with electric cars, one does not have to worry about such as once you charge your car you are good to go.
Also, the government in an effort to boost the uptake of electric cars has also subsidized the cost of electricity at the charging stations making it even cheaper to run one.
Low Maintenance
Electric cars generally have lower maintenance costs as opposed to internal combustion cars due to the fact that they have fewer moving parts. This is as opposed to ICE cars which have to be serviced at different intervals so as to ensure that the engine is in a tip top condition.
Over time, these costs add up to a hefty sum something which one can avoid totally by switching to electric cars more so if a business owns a fleet of vehicles.
Long Range Batteries
As the technology of the batteries on the electric cars continues to improve, we find that the cars are now able to cover even longer distances on a single charge. A good example of this is the Tesla Model S Plaid+ which has a range of approximately 837km on a single charge. This means that you can travel all the way from Nairobi to Mombasa and up to Machakos on a single charge.
Zero Emissions
With the adverse effects of climate change becoming apparent, we are all called to do our part in mitigating it. Part of the measures that one can take to reduce their emissions is utilizing an electric vehicle as they have zero emissions.
For companies which are keen on being sustainable, this is an easy way of ensuring that you are doing your part in fighting climate change.
Given all these benefits that one can obtain from electric cars, the biggest deterrent has been the high cost of acquiring one. However, worry not as NCBA Bank has got you covered.
In 2023, NCBA became the first bank in Kenya to provide financing for electric vehicles. Towards this, they set up a Ksh. 2 Billion fund to finance the purchase of 5,000 electric vehicles. So far, they have partnered with the likes of Kenya Power among others who are leading from the front by adding electric vehicles to their fleet.
NCBA Bank has also added electric vehicles to their fleet even as they educate the public about the benefits of electric vehicles. They are also deploying electric vehicle charging stations across the region in a bid to encourage adoption. The bank has so far installed a total of four EV chargers, that is three at their headquarters (NCBA Center, NCBA House) in Nairobi and one at their headquarters in Kigali, Rwanda.
So, what are you waiting for, visit an NCBA branch today and get a loan to purchase the electric vehicle you have been thinking about.