With substantial reductions off the purchase of a new van and exemption from congestion charges to tax reductions and more, there are a number of electric vehicle grants and incentives, which offer a host of financial benefits during your course of ownership.
What funding is available for electric vans?
With the plug-in van grant, small and large vans can qualify for grant funding.
See How to fund your EV Fleet for more details or see www.gov.uk for a full list of vehicles and grant information.
What funding is available to help with workplace charging?
The OZEV Workplace Charging Scheme (WCS) can reduce the cost of installing electric car charging points by up to £14,000. You can receive a grant of £350 per socket, for up to 40 sockets across all sites.
What funding is available for home charging?
Homeowners who live in flats or people in rental accommodation (flats and single-use properties) are eligible for the EV Chargepoint Grant that provides a 75% contribution to the cost of one chargepoint and its installation. A grant cap is set at £350 (including VAT) per installation.
In addition to saving your business money, taking into account incentives such as lower Benefit in Kind (BiK) and exemption from Ultra-Low Emission Zones (ULEZ) and congestion charges, electric vehicles can deliver real savings to your drivers.
To understand the BIK rates and other tax benefits, visit our Company Car and Van Tax Guide.
Will my drivers be exempt from congestion charges?
Incorporating electric cars and vans into your business fleet offers exemption from both the Ultra-Low Emission and Congestion Charge zones.
What about Capital Allowance?
Electric vehicles qualify for Enhanced Capital Allowances (ECAs) which means you can ‘write down’ 100% of the purchase price against corporation tax in the first year of purchase.
What is the Advisory Electricity Rate?
The Advisory Electricity Rate for fully electric cars is reviewed quarterly and currently set at nine pence per mile – less than even the smallest petrol or diesel engine.