Electric Cars for Business Users

The popularity of electric cars in the UK has shot up over the last few years, with more than 100,000 plug-in vehicles on the road, compared with just 3,500 in 2013.

Electric cars on the rise

The huge increase in electric cars in 2017 has come about because of a greater level of choice for drivers, a shift in the public’s attitude towards electric cars and a constantly improving public recharging network. This means that UK electric car buyers have a greater selection of vehicles to choose from than ever before.

The future is bright too with a number of plug-in cars set to be launched within the next year or so and, with the UK government’s Plug-in Car Grant now guaranteed until 2018, an electric car is now a viable option for a large number of motorists.

Grants & loans

Eligibility

There are a number of grants and loans available this year designed to help people and businesses make the switch to electric vehicles.

 

These are the eligibility requirements:

  1. Vehicle being purchased would have to be from the approved list.
  2. Company must organise a Sustainable Transport Review (STR). Only when the need for and benefit of the sustainable transport measures have been identified in a STR will Home Energy Scotland be eligible for a business loan and able to submit an application. An STR provide details of the existing vehicle which when compared with a new vehicle will demonstrate savings for emissions and also financially.
  3. Company will need to pass normal credit checks.

 

If these requirements are met, then the company would qualify for the loan. The application takes about 10 days to process.

 

Click here to view the BIK rates for electric vehicles.

Key funding schemes

1 – Low carbon transport business loan

  • £100,000 interest free loan (capped at £35,000 per vehicle), with 6-year payback period.
  • Your local Sustainable Transport Advisor can provide the loan application form and complete a Sustainable Transport Review report for you.

2 – Domestic EV loan

  • £35,000, interest free, with 6-year payback period.
  • Contact Home Energy Scotland on 0808 808 2282 to request an application form.

3 – Business ChargePoint funding

  • 100%, 75%, 50% funding potentially available.
  • Funding depends on various factors (no. of EVs using, public benefit, etc.).

4 – Home ChargePoint funding

  • £1,000 funding towards home charge point, which should cover majority of installation cost.
  • Open to company car/van drivers.
  • Combined funding from EST and the Office for Low Emission Vehicles (OLEV).
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