More businesses are starting to see the benefits of adding electric vehicles to their fleets and installing electric vehicle (EV) charging points on their premises. But to fully commit to making this change, they may have to take out finance to help install the necessary charging points. In this blog post, we offer some tips to help businesses save money when installing charging points.
1. Take advantage of tax breaks
As a business owner, you may be eligible for tax breaks when installing charging points for electric vehicles, helping offset the cost of making the switch to EV.
There are a few different tax incentives available for businesses installing EV charging points in the UK. For example, there’s the Renewable Heat Incentive (RHI), which provides financial support for renewable heat technologies such as EV chargers. The RHI can cover up to 100% of the costs of installing an EV charger, making it a very attractive option for businesses.
2. Consider government incentives
The UK government is currently offering a number of incentives to businesses that install electric vehicle (EV) charging points. For example, the Plug-in Car Grant offers up to £500 towards the cost of installing a charge point at a business’ premises. The grant is available for both domestic and non-domestic properties, including workplaces, hotels, hospitals, and so on, helping you to curb financial costs.
There’s also the Workplace Charging Scheme (WCS) grant, a voucher-based scheme that can cover up to 75% of the installation costs and a maximum of £350 for each socket (for up to 40 sockets).
3. Explore discounts from utility companies
If you’re a UK business owner with EV charging points, you may be eligible for discounts from utility companies on your electricity usage. While these discounts may not apply to the actual installation of the charging points, they can make a big difference to the overall cost of running EV charging points and vehicles, helping to offset some of the initial upfront costs.
However, it’s important to note that not all utility companies are offering these discounts, so do your research before making the switch to a new energy supplier.
For more information on how businesses using EV finance can save money when installing charging points, feel free to contact a member of our team.
Electric vehicle charging finance – find out more
Find out the benefits of using our pay monthly lease finance product so that you or your customers can invest in and spread the cost of your chargers by paying monthly repayments to us over a few years. Find out more about our Electric Vehicle Charging Finance solutions. Or get in touch to discuss how we may help you install EV chargers.