Homeowners wishing to take advantage of the Government grant towards an EV Chargepoint installation, need to act fast, with their subsidy set to end from March 2022.
The UK Government’s encouragement for drivers to switch to electric vehicles continues to gather momentum.
This has been helped by a variety of incentives, including the Electric Vehicle Homecharge Scheme.
Overseen by the Office for Zero-Emission Vehicles (OZEV), the scheme contributes towards the cost of the chargepoint and its installation, for those that qualify.
However, the focus of the scheme is set to change in 2022 when it will end for homeowners.
The OZEV grant, also known as the Electric Vehicle Homecharge Scheme (EVHS), is a Government grant of up to 75% of the cost of one chargepoint and its installation, up to a maximum of £350.
The person claiming the grant must own, lease or have a qualifying vehicle on order - and must also prove they have dedicated off-street parking at their property.
The Government is set to change its focus on funding from April 2022.
The OZEV website states: “The government reserves the right to terminate the grant at any time but will aim to provide 4 weeks’ notice. Should the grant rate change, or the scheme end, the government will honour grant claims made before the date of any public announcement subject to meeting all relevant criteria set out in this guidance. The announcement will detail how claims made after it will be treated.”
With the grant having reduced from £1,000, to £500 and now down to £350, the trajectory alone was an indicator that funds might not last much longer.
OZEV’s budget for charger installations was limited and the growing number of applications resulted in the Government decision to reduce the subsidy to £350 to ensure as many people could benefit from this as possible. With more people applying and more new electric and plug-in hybrid vehicles on the market, there was an heir of inevitability.
Thereafter, the scheme will then focus solely on rental and leasehold properties, via a new digital platform.
Homeowners looking to invest in an EV chargepoint now have limited time to take advantage of the Government grant.
The March 31st 2022 deadline sets a clear timeline for action and thereafter, homeowners will have to pay the full cost of the chargepoint and its installation, albeit, with potentially less red tape required.
The clock is ticking for homeowners and Bankhead Electrical is here to help ensure your claim is submitted and your installation in place, before the changes occur. Why not contact us today and request a quote, to beat the deadline?