New ULEZ Rules and Electrical Vehicle Funding
As the world continues to grapple with climate change, governments worldwide are taking steps to reduce carbon emissions. In the UK, one of the latest measures is the expansion of the Ultra Low Emission Zone (ULEZ) in London and the introduction of new electric vehicle funding programs. Let's take a closer look at these updates and changes in 2023.
What are the new ULEZ rules? ULEZ was first introduced in 2019 in certain areas of London, with the aim of reducing harmful emissions from vehicles. From October 2023, ULEZ will be expanded to cover the whole of Greater London. This means that all vehicles, except those that meet certain emission standards, will be charged a daily fee to enter the zone. The ULEZ charges are in addition to the Congestion Charge and the Low Emission Zone charges that already exist in the city.
Why are the government expanding the ULEZ rules? The expansion of the ULEZ is an essential step in tackling air pollution and improving air quality in London. By encouraging the use of cleaner vehicles, the ULEZ will help to reduce harmful emissions and protect public health.
What is the new electric vehicle funding? Alongside the ULEZ expansion, the UK government has introduced a number of grant schemes for the installation of electric vehicle charging infrastructure. The two main funding programs are the Electric Vehicle Homecharge Scheme (EVHS) and the Workplace Charging Scheme (WCS). The EVHS provides a grant of up to 75% of the cost of installing a home charging point, up to a maximum of £500. The WCS provides a grant of up to 75% of the cost of installing workplace charging points, up to a maximum of £2,500 per charging socket.
What other funding options do I have? Luckily, we are partnered with Swoop Funding, to better serve your business and find you the best savings. Swoop scan the marketplace to help find the best loan, over the best term at the best available interest rate. But most importantly, they can assist with asset finance. There are attractive deals for asset finance - some as low as 3.5%. The purchase price and ongoing payments can be offset against corporation tax. And if you have solar panels on your property, you can use the sun to charge the batteries.
If you have any questions, would like a full list of the grants available, or wish to discuss how we can help you further with your asset finance, please do not hesitate to contact me on emma.raffingers@raffingers.co.uk.