The government has announced an over 40% increase in charge point grant amounts that will mean businesses, landlords and renters could save up to £500 on installing an electric vehicle (EV) charge point. Previously, the grant provided a discount of £350.
The uplift could cover almost half the typical installation costs and make it easier for EV users to access cheaper electricity rates at home or work to charge their EV. Schools will also be eligible for grants of up to £2,000 per socket.
Updates to the scheme will also simplify the current EV charge point support schemes available by reducing eight grant types down to five, which should make the system easier to navigate.
The electric car grant, which provides a discount on buying an EV, continues to be available. This can offer savings of up to £3,750.
Support is also available through local authorities for residents who do not have driveways to be able to install discreet, embedded pavement channels, meaning those with on street parking can install an EV charge point. This is in addition to the £500 installation grant.
EVs continue to receive preferential tax treatment, and this can also be worth exploring if you are considering buying a new vehicle.
The ongoing Middle East conflict has raised concerns over its effect on UK inflation and interest rates in the coming months.
Running a business in recent times has been a lesson in resilience. Costs continue to increase and customers are cautious. Cash is proving tight for many businesses and credit control is a core discipline for keeping a business afloat in such times.