EV Charger Incentives Available for Businesses

by | Dec 18, 2023 | Guide

As the UK propels towards a cleaner and greener future, businesses have a unique opportunity to not only embrace sustainability but also enjoy significant incentives for installing EV charging infrastructure. Let’s delve into the world of EV charger incentives and discover how your business can benefit.

 

1. Government Grants:

One of the biggest incentives available for EV charging currently is the UK government grants available. The government is actively trying to encourage businesses to adopt EV charging solutions by offering various grants and incentives. Currently there are 5 different grants available you may be able to utilise. But is important to note that these grants are going to be reviewed in March 2024. These grants are:

  • Electric vehicle charge point and infrastructure grants for landlords
  • Electric vehicle charge point grant if you own or rent a flat
  • Workplace Charging Scheme
  • Electric vehicle infrastructure grant for staff and fleets
  • OZEV Grant for carparks

 

For the most part these grants cover up to 75% of the total installation costs, capped at £350 per socket and usually have different parameters on the number you can claim and the eligibility. The exception to this is the infrastructure grant, which is for businesses looking to put in place infrastructure for future charge points without installing the chargers, this work includes groundworks, cable run and any other part to prepare for the future installations. By leveraging this scheme, businesses can significantly reduce the financial burden of introducing EV charging facilities for their employees and customers. To see the grants in more detail click here.

 

2. Enhanced Capital Allowances (ECAs):

Another enticing incentive for businesses investing in EV charging is the Enhanced Capital Allowances (ECAs). This scheme allows businesses to claim 100% first-year capital allowances on their spending for eligible saving equipment, including Electric vehicles and equipment. By taking advantage of ECAs, businesses can accelerate tax relief, making the transition to EV charging not only environmentally friendly but also financially savvy.

 

3. Tax benefits

If you’re looking at using your EV charging for staff your staff that use employer-provided EVs can benefit from a reduced BIK tax rates (Benefit-in kind). This tax is calculated based the value of the vehicle and its carbon dioxide (CO2) emissions. As electric vehicles produce zero emissions, they fall into the lowest tax band, resulting in significantly reduced tax liabilities for employees. If you are providing your staff with vehicles, It may be worth offering them EVs for this lower BIK tax allowing them to receive more benefits. To learn more about the current tax benefits available currently, be sure to check out our guide just that here.

 

Conclusion

If you’re looking at when the best time is to install EV charge points at your workplace, it could be now! With all the incentives and grants currently available your transition to EV is made significantly easier. If any other grants become available that may benefit you we will be sure to let you know! Contact us today to embark on a journey towards a greener, more profitable future.

Contents