Costa Rica’s Green Vehicle Swap-Out Initiative Already Gaining Momentum After First Week

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    The Ministry of Environment and Energy (MINAE) officially began their Efficient Vehicle Acquisition Program (PAVE) last week, which already has 15 people who have shown interest in changing their vehicles under this eco-friendly proposition.

    This program is a pilot project between MINAE, Banco de Costa Rica (BCR) and the National Insurance Institute, in which they will provide special funding for up to 100% of the cost of an eco-efficient vehicle in exchange for an older auto with higher energy consumption.

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    According to Diana Leandro, Expomovil spokeswoman for the ministry, the eco-efficient vehicles are listed with special credit conditions and so far 15 people have applied for the process.

    For its part, BCR will provide $20 million to fund this project and according to Leandro, the taxes and fees are lower than those offered with other types of loans.

    Another benefit is a discount of up to $1,500 on the price of the new vehicle.

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