A Comprehensive Guide: How to Save Money on Your EV Charger Installation

by | Jul 21, 2023 | Guide

As the popularity of electric vehicles (EVs) continues to grow at staggering speeds in the UK. Installing EV chargers at both residential homes and businesses has become a priority. However, concerns about the cost of installation can be a significant hurdle for many people looking to move forward with EV charging. The good news is that there are various grants and incentives available to the UK market currently. These incentives can significantly reduce the expenses associated with your EV charger installation, both for home and business owners. In this blog, we will be looking at the different ways you can currently save money on your EV charger installation. Including government grants, payment methods, and smart charging solutions, catering to both the residential and business sectors.

 

The OZEV/ OLEV grant schemes.

Since 2014 the UK government has been offering a range of different grant schemes to help with the cost of installing EV chargepoints at home and workplace situations. For residential properties, the Electric Vehicle Home charge Scheme (EVHS) provided financial support, offering up to 75% (capped at £350) of the installation cost for eligible EV owners up until April 2022. The EVHS grant has not unfortunately ended and has been replaced by 3 different grants that have tighter eligibility factors. These grants are the residential carpark grant, the flat owners and tenants grant and the residential and mixed-use landlord grant. For more information on the different residential grants available click here.

Similarly, for businesses, there is the Workplace Charging Scheme (WCS) that offers grants that cover up to 75% of the purchase and installation costs (capped at £350 per socket) for EV chargers. This scheme is available to all businesses, charities, and public sector organizations. The business grants available can be broken down into 3 key sections. The Workplace Grant, the Commercial Landlord grant and the Fleets and Staffs grant. If you’d like to learn more about the different business grants available, click here.

Explore Local Authority Grants for Home and Workplace

In addition to the OZEV grant, many local authorities in the UK provide their own grant schemes to encourage EV charger installations at both homes and workplaces. These grants may offer significant cost coverage or discounts on charging equipment.

For homeowners, it’s worth researching and contacting local councils to enquire about any specific grant programs they offer. Local authority grants can help reduce the financial burden of EV charger installation for residential properties.

 

For businesses, local authority grants may provide additional financial incentives to support workplace charging infrastructure. Contacting the relevant local council or authority will provide valuable information on available grants and potential cost savings.

 

Utilize Smart Charging Solutions

Smart charging solutions can be equally beneficial for both home and business EV charger installations. These smart charging solutions help enable you to schedule charging sessions during off-peak hours when electricity rates are lower, resulting in cost savings over time as well as many other perks that can help you save money.

For homeowners, smart chargers can take advantage of cheaper electricity tariffs by looking at the charging tariffs over the day or night and only charging when energy is at its predicted lowest. Allowing you to reduce charging costs and optimize charging efficiency. Additionally, some smart chargers offer load management features to distribute electricity effectively, preventing overloading of the home’s electrical system and potentially avoiding costly infrastructure upgrades.

For businesses, smart charging solutions can help manage and optimize the charging demands of multiple EVs simultaneously. Smart backoffices can notify you when charging is complete and can also allow you to set the length of time or battery percentage you’d like to charge up to (Reducing maintenance costs of the EV if this is done up to 80%). Load management features ensure efficient use of available electricity resources, reducing energy costs and minimizing the need for costly electrical infrastructure upgrades. As well as allowing your business to be more efficient in terms of charging costs due to the lesser need of public charging solutions that require a tariff on top of the energy cost.

 

Consider Shared Ownership and Community Schemes for Home and Workplace

Shared ownership and community schemes are beneficial for both residential and business EV charger installations, especially in scenarios where private ownership may not be feasible or cost-effective.

For homeowners without suitable parking or limited access to private EV chargers, shared ownership schemes allow multiple EV owners to pool resources and share the installation cost and usage rights of a single charger. This approach makes EV charging more affordable and accessible for a group of homeowners. As well allowing you to work with the landlord to receive a grant for a cheaper installation in total now that the home Chargepoint grant has concluded.

 

For businesses, community schemes involve collaborations between neighbouring businesses, business parks, or commercial areas to establish shared EV charging infrastructure. By sharing the cost and usage of charging points, businesses can save money on installation and maintenance while providing convenient charging options to employees and customers. When planning a commercial shared ownership, it is important that you look for a fully managed service to help define the parameters of the installation. Including speed of chargers, when and who can use the chargepoints and location. Otherwise, a project involving multiple businesses can take much longer to complete due to differing interests. It is also worth implementing a smart backoffice when doing these collaborations to track individual usage of the chargepoints to help define the costs and profit each company earned.

 

Other options: Fully funded and lease financing

For businesses fully funded solutions are available to utilise. These solutions are based on what the installers can offer and whether they have backing to offer these solutions. So if you wanted to look into the fully funded route it is important to research and understand what installers can offer this for you. If you’d like to speak to an installer who can offer fully funded solutions enquire today.

 

If you are in eligible for a fully funded solution lease financing may be a better option for you. With some installers offering a monthly payment method to help you spread the cost of the EV charging and infrastructure associated. The average payment term for this type of install is 3 years with different installers offering different types of lease financing so it is important to check which one you’d be receiving. Some installers offer one similar to a mortgage where you own the charger/s once the amount is paid off while others offer options where they own the charger/s even after the payment is complete and they own the lang the chargers are on with this option usually being the cheaper of the two.

 

 

Conclusion

Whether you are a homeowner or a business owner, installing an EV charger doesn’t have to be a financial burden. The UK market offers a range of grants, incentives, and cost-saving solutions that cater to both residential and business installations. By leveraging the OZEV grant scheme, local authority grants, smart charging solutions, and shared ownership or community schemes, you can significantly reduce the costs associated with EV charger installation. These initiatives not only help save money but also contribute to a greener future by encouraging the adoption of electric vehicles. So, explore the available options and take advantage of the grants and incentives to make EV charging more affordable and accessible for both home and business environments in the UK.

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