Did you know that you can add value to the property you own, and let, by having a charging point for an Electric Vehicle installed? What’s more the government will pay up 75% of the installation cost!
Well, what’s the catch? None! You need to fulfil a few basic criteria and you can apply. Here are the core details.
The electric vehicle (EV) market is booming, according to the latest vehicle stats. Electric car sales increased by 186% in 2020 and Electric Vehicles enjoyed a record year in 2021 against a market that was 28.7% below pre-Covid-19 levels. Electrified vehicles (Hybrid or EVs) comprised 27.9% of all new car registrations during April 2022. Therefore, it’s safe to assume that your tenants will be driving some type of EV in the near future
The EV charge-point grant for landlords gives financial support to landlords and other entities to buy and install electric vehicle (EV) charge points at residential or commercial properties in the UK.
First you must register- with DVLA using the EV charge-point grant for landlords registration form. Installers approved by the Office for Zero Emission Vehicles (OZEV) can then make claims for work completed on your behalf. The grant amount given is per charge-point socket installed. It provides up to 75% of the cost towards the purchase and installation of a charge- point socket, limited to £350 per grant. A landlord can apply for up to 200 grants a year, obviously depending on how many properties they own.
Who Can Apply
· The landlord of a property that lets the property
· A right to manage (RTM) company
· Companies owning the freehold of a leased or rented property
· Companies owning a building’s common areas. The company may comprise shareholders who are the leaseholders. The company may also manage the building
· private registered providers of social housing (PRP)
Landlords must be registered at Companies House. If not, they must be VAT registered with Her Majesty’s Revenue and Customs (HMRC). If they can’t fulfil either of these two basic criteria they cannot apply.
Note, you cannot apply if it is for a Holiday rental property home
Is the Property eligible?
The property must be located in England, Wales, Scotland or Northern Ireland. Properties in the Channel Islands and Isle of Man are not included.
· Single-unit residential properties, such as flats and houses, but note, it cannot be the landlords place of residence!
· multi-unit residential properties, such as apartment blocks
· commercially let properties that have parking dedicated for staff use or fleet use of the tenant or prospective tenant
The space where you install your charge-point(s) must be a private parking space. As the landlord you must own the parking space or have the sole legal right to it. The private parking space may be connected to the property or separate from it.
How the Grant Works.
The approved installer of the charge point applies for the grant on your behalf. They will inform the OZEV what was installed and send evidence to verify this. This will include a copy of their invoice and photos of the charge-points installed. If the grant is awarded, OZEV will pay the grant to the company that installed the charge-point, as they will be an OZEV authorised installer. They must pass the discount on to you as the landlord.