As we move closer to the Government’s 2030 deadline for ending the sale of new diesel and petrol cars, more and more people are making the switch to electric cars. Therefore, rental properties that offer electric vehicle (EV) chargers are becoming highly sought after.
So, can landlords access grants to help them equip their properties with EV charging facilities? Yes! The Government has set up a grant scheme that’s specifically aimed at landlords of residential and commercial properties.
Grant Details
The grant is run by the Office for Zero Emission Vehicles (OZEV). Through the scheme, landlords can claim up to 75% (£350 limit) on the purchase and installation of a chargepoint socket. Landlords with residential properties can apply for up to 200 grants per financial year, and you can apply for a further 100 grants for commercial properties – that’s a potential saving of over £100,000 a year! However, it’s important to note that if you want to take advantage of the grant, you’ll need to use one of the OZEV’s approved installers.
Key Benefits
In addition to the environmental benefits, installing EV chargers can also make your property more attractive to potential tenants as vehicle charging facilities become more in demand. Not only could it be a huge selling point for attracting tenants, but it could also increase your property value by up to £5,000.
How To Access The Grant
In order to be eligible, you need to either be registered with Companies House or be VAT registered, and the first thing you’ll need to do is register for the grant. You can then choose one of the approved installers to carry out the work – they will then apply for the grant on your behalf.
But before you register, it’s important that you familiarise yourself with what the regulations are and what type of properties are eligible for the scheme. You can find the full details about eligibility, how the scheme works and what you need to do via the Government’s EV charger grant for landlords guide.
We provide accounting for landlords so feel free to get in touch.
© 2019 Warr & Co Chartered Accountants. Warr & Co Chartered Accountants is a member of The Institute of Chartered Accountants in England & Wales (ICAEW). Whilst the information detailed here is updated regularly to ensure it remains factually correct, it does not in any way constitute specific advice and no responsibility shall be accepted for any actions taken directly as a consequence of reading it. If you would like to discuss any of the points raised and / or engage our services in providing advice specific to your personal circumstances, please feel free to contact any one of the partners on 0161 477 6789 or contact us via our website forms. Warr & Co Chartered Accountants are registered to carry our audit work in the UK, our audit registration number is C002961684, for more information please visit www.auditregister.org.uk.