A new Government fund allowing landlords to pick up £350 towards the purchase and installation of charging points for electric cars has been announced today.
With installation typically costing around £500 for an average property, the cash sum is a significant contribution towards the total cost, and with a huge increase in the number of electric cars on the road a charging point could potentially be a significant draw for potential tenants.
Grants will be available for each parking space provided with a chargepoint socket, with up to 200 grants available per year per landlord.
For landlords owning apartment blocks, additional funding will be available later in the year to help kit out an entire residential carpark with chargepoints.
The scheme will run for two years, and landlords can choose from any of the approved suppliers on the government website here. The only caveat is that landlords will need to be registered with Companies House or have a VAT number to apply.
The announcement was made today by the Office for Zero Emission Vehicles (OZEV) and follows a NRLA campaigning asking for financial support.
OZEV said people want to charge cars at home and the Government has made the decision to offer financial help to landlords to meet this growing need.
NRLA Policy Director Chris Norris said: “We have been in talks with Government over the provision of charging points for electric vehicles in rented homes for some time. Today’s funding announcement comes as a welcome support for landlords, to help them futureproof their properties.”
How to access the grant
The Government has issued a step-by-step guide to landlords who want access the funding.
It is asking landlords to:
According to Government landlords can potentially claim 100% of the costs of installing an electric vehicle charging point as a capital allowance and some of the expenditure may also qualify for a new ‘super deduction’, equating to a 130% enhanced deduction of the total cost.