Grants and funding
Below is a list of all the currently available grants and funding options. But also remember that EVs also have these financial benefits:
Zero VED (road tax)
Approx 70% reduction in fuel costs
Exempt from Ultra-Low and Congestion Charge Zones (registration required)
100% capital allowance - Businesses can write down 100% of the purchase price against corporation tax in year 1.
Zero benefit in kind tax for company car drivers in 2020/21 tax year
OLEV plug-in grant
The OLEV grant is only available on certain new low emission vehicles. On cars below £50,000 the grant is up to 35% and to a maximum of £3,000. On vans the grant will pay for 20% of the purchase price, up to a maximum of £8,000. Vehicles where the grant is applicable, the manufacturer will normally include the grant in the published price. For further information, see Low-emission vehicles eligible for a plug-in grant.
I often get asked if this grant is available on used vehicles. The answer is no, as the grant has already been claimed when the vehicle was new. The second hand price reflects the discounted new price.
OLEV charger grant
An OLEV grant of £350 towards the installation a smart home charger is available if you have off-street parking (i.e. driveway) and you have the use of an electric or certain low-emission vehicles. The (OLEV approved) charger installer will claim the grant on your behalf and the resulting cost of installed charger is typically £500-750.
Grants are also available for the installation of chargers at the workplace for eligible businesses, charities and public sector organisations. The grant is capped at £350 per socket, but allows up to 40 sockets (£14,000) across all sites for each applicant. The grant is a voucher based scheme where again the installer gets the grant.
For further information, see Grant schemes for electric vehicle charging infrastructure.
Scotland interest-free loans
The Low Carbon Transport Loan is available for Scottish residents and business to help purchase used electric vehicles. The interest free loan is up £20,000 and is repaid over 5 years. Go Green Autos is a member of the Independent Garage Association/Trust My Garage and can therefore supply vehicles to Scottish customers who wish to use this funding.
For further information, see Used Electric Vehicle Loan.
Scottish residents can also claim for an additional £300-400 funding towards the cost of a home wall charger. This is in addition to the £350 OLEV grant. See Domestic charge point funding.
London TFL scrappage scheme
Transport for London has a scrappage scheme to help drivers in London scrap their older, more polluting vehicles to meet required emissions standards. Scrappage grants are available for small businesses, charities and low income-and disabled Londoners.
The ULEZ car scrappage grant of £2,000 is available to residents who live within the 32 London boroughs or the City of London and receive certain benefits. The old scrapped vehicle must not meet the ULEZ emissions standards.
The van scrappage scheme was available to sole-trades, businesses up to 50 employees and charities and paid £9,500 to scrap a pre-Euro 6 diesel or pre-Euro 4 petrol van and switch to an EV. It was available to both Great London based businesses and those outside, as long as they have driven within the congestion charge zone at least 26 times in six months. However, due to the demand and limited funds, this scheme is currently suspended.
For further information, see TFL scrappage schemes.
Go Green Autos Ltd is an FCA regulated and authorised business and can offer finance on most of our vehicles. However, we are currently changing providers and due to the resent covid lock down and FCA changes in the motor trade industry, our switch over has been delayed so we find ourselves not being able to provide finance until this has completed, which will be in the New Year.
In the meantime, you can try Car Loan Warehouse.