Technology in this sector is rapidly evolving and many businesses are now weighing up the pros and cons of investing in electric vehicles. Of course, one of the main disadvantages is the cost. While the on-going running costs are reassuringly low, the initial investment can be considerable.
Good news: the government have introduced a number of incentives to support businesses manage the upfront costs. We will cover some of these grants below:
Workplace charging scheme
It is worth investigating this voucher-based scheme to ascertain whether your business will be eligible, as it can go towards the purchase and installation of EV charge points. You could receive a grant of several hundred for each socket for up to 40 sockets per site.
Charities and public sector organisations may also be eligible, visit the OZEC grant schemes for further information.
EV chargepoint grant
If staff are concerned with the convenience of charging electric cars, the EV chargepoint grant may reassure them on this issue. This grant can provide the individual with up to 75% towards the cost of installing an electric vehicle charge point at a domestic property. This grant replaced the Electrical Vehicle Homecharge Scheme (EVHS) from April 2022.
Plug-in grant
Certain low-emission vehicles are eligible for a government grant. The discount will depend on the type of vehicle, and this discount will be automatically applied to the purchase price. Take a look at the vehicles eligible for this scheme to benefit from a lower priced electric vehicle. Vans of all sizes are also available on the list.
Other benefits
Making a switch to electric cars will mean your drivers will be exempt from ultra-low emission and congestion charge zones.
Fully electric company vehicles pay benefit in kind (BIK) tax rates of just 2% this year.
Your also won’t need to pay any road tax for these vehicles, although you will still need to visit the DVLA website to tax your vehicle.
Of course, you’ll also benefit from lower running costs.
Hopefully, this article has spurred you on to research schemes and grants further and see if these will benefit your business in the fight to lower emissions across the UK. Here at TT Electrical, we are experienced at installing EV chargers in both a domestic and commercial setting. We’re also available to answer your questions on the subject.
This article was written by TT Electrical. TT Electrical have over twenty years of combined professional experience, providing electrical services across Worcestershire. If you’re interested in learning more, please visit our website at www.ttelectrical.net or feel free to contact us at info@ttelectrical.net
We look forward to hearing from you.