If you're considering adding electric vehicles to your fleet or thinking about switching to one for your next company car, there are several grants and incentives that can help you save businesses and drivers money. Whether its help covering the cost of charging equipment and installation, or even local incentives in the form of parking benefits and permits, we take a look how they could benefit you.
People living in flats or rental accommodation are eligible for an electric vehicle chargepoint grant that covers either £350 or 75% off the cost to buy and install a socket, whichever amount is lower. The full terms and conditions are available on the GOV.UK. website. Landlords will also be able to apply for the funding to install charging bays at their properties.
If you have a qualifying electric vehicle and off-street parking, the grant will be claimed on your behalf by an authorised Office for Zero Emissions Vehicles (OZEV) installer.
Scottish residents who meet the criteria can claim up to £300 towards the cost of purchasing and installing home chargepoints for electric vehicles through the domestic chargepoint funding scheme. The scheme, funded by Transport for Scotland and administered by the Energy Saving Trust is available to:
You can check if your postcode is eligible here.
If you want to encourage your employees to make the switch to electric, the Workplace Charging Scheme means businesses can claim up to £350 per socket, up to a maximum of 75% of the cost of up to 40 sockets. You can find the guidance for applicants here.
Fleets can also reclaim 100% tax relief for expenditure incurred on charge points, in the year of purchase. What’s more, electric drivers won’t incur any Benefit-in-Kind charges for electricity used at work and no Class 1A NIC arises for the employer.
If you buy an electric car with zero emissions, you also qualify for a 100% first year capital allowance so you can deduct the full cost from your profits before tax.
Electric vehicles are exempt from vehicle excise duty (VED), until 2025.
To encourage the uptake of low emissions vehicles, company car drivers who drive an electric car will pay BiK of just 2% until April 2025. This will then increase by 1% until 2027/2028.
Many local councils offer reduced-cost Residents’ Parking Permits, or even Green Vehicle Permits that allow free parking at shopping centres and train stations, access to bus lanes, and free use of charging stations. Offers vary depending on the council, so contact your local authority to find out more.
Whatever stage you’re at in your electric journey, the ŠKODA Fleet team is always ready to help. Get in touch with us today.