Boosting Eco-Friendly Living: Zhejiang Unveils RMB 20,000 Subsidy for Energy Vehicles and Aging-Friendly Home Renovations
Zhejiang Launches New Round of Consumer Goods Trading Measures
Boosting Economic Growth and Supporting Home Renovation
Zhejiang Province has announced the “Zhejiang Province Action Plan to Further Promote Inward Trading of Consumer Goods,” which aims to support home aging-friendly renovation, old house renovation, kitchen and bathroom renovation, and electric bike trade-in. The plan has formulated seven measures and 4 safeguards to promote consumer goods trading and stimulate economic growth.
Increased Subsidy Standards for Scrapping and Refurbishing Cars
The subsidy standards for scrapping and refurbishing cars have been increased significantly. For consumers who scrap qualified passenger cars and buy new energy vehicles and fuel vehicles, the subsidy standards are increased by 10,000 yuan per vehicle and 7,000 yuan per vehicle, respectively. Additionally, the subsidy standard for home appliances has been raised from 10% to a maximum of 20%.
Expanded Scope of Policy Support
The scope of policy support has been expanded to include aging-friendly home renovation, old house renovation, kitchen and bathroom renovation, and electric bike trade-in. Eligible elderly people can receive subsidies for the purchase of items and materials included in the “Aging Renewal Project Subsidy Coverage Catalog,” with subsidies of 50% for products purchased by elderly people aged 60-79, and 10% extra for seniors aged 80 and over.
Subsidy for Home Aging-Friendly Renovation
A maximum subsidy of RMB 20,000 for newly purchased energy vehicles will be launched to support home aging-friendly renovation. The subsidy period for this age-friendly renovation activity is from August 22, 2024, to December 31, 2024. Elderly families can apply independently, and subsidies are provided based on the order of application.
Subsidies for Renovation of Old Houses and Kitchens and Bathrooms
Subsidies for renovation of old houses and kitchens and bathrooms are eligible to be completed and received before January 1, 2022. The scope of the subsidy is the purchase of items and materials used for decorating and refurbishing a kitchen and bathroom, such as decorative tiles, flooring, wall panels, sanitary ware, etc.
E-Bike Exchanges and Discounts
The scrapping and disposal standards for e-bikes have been extended from non-standard e-bikes to all categories. The subsidy for e-bike exchanges has been increased from 250 yuan to 500 yuan. Zhejiang also supports companies to add discounts and connect online and offline, allowing users to enjoy the policy more conveniently and have a better use experience.
Impact of the Policy
The impact of the policy of replacing old consumer goods with new ones in Zhejiang Province is gradually emerging. Data shows that since the implementation of the consumer goods trading policy, the number of new energy vehicles insured in the province from May to July this year has reached 231,000, which is a year-on-year increase of 39.6%. Retail sales of home appliances have also increased above the designated size at the same time.