The government has announced a new Electric Car Grant to further accelerate the adoption of electric vehicles, focusing on reducing the cost of lower priced vehicles.
Here’s what you need to know:
- There will be a discount of between £1,500 and £3,750 on eligible cars priced at or under £37,000.
- The discount is available for drivers looking to lease an EV, or pay for their car through salary sacrifice.
- It’s available on new cars ordered from 11th August, and will be applied when we know which cars are eligible. We don't yet know all of the details on which cars will be eligible but you'll see the cars that are eligible tagged as such on our website.
- Whether the car is eligible, and the level of discount, will depend on the sustainability of the car’s production. This takes into account the energy used to assemble the car and manufacture the battery. The government hasn’t yet shared the specific criteria.
- Car manufacturers must apply for their cars to be eligible, some are starting to be confirmed as eligible and you'll see them tagged as such on our website.
Supercharging the switch:
- This is very welcome news to those considering making the switch to an electric car. The discount brings down the cost of the car itself, enabling many more drivers to switch. In doing so it gives those drivers access to ongoing savings on running costs of up to £1,500 a year, compared with fuelling a petrol car if they charge at home.
- The Electric Car Grant comes alongside the government’s renewed commitment to the Zero Emission Vehicle (ZEV) mandate which will phase out the sale of new petrol and diesel cars by 2030. The government is also investing £63m in EV charging points, giving peace of mind for those who don’t have a driveway, or travel longer than average distances and rely on public charging.
Making it cheaper and easier to switch:
- We’re thrilled that the government continues to support the transition to electric driving. Everything we do at Octopus EV helps drivers make the switch to electric by making it cheaper and easier to do so, including;
- Cheaper cars: With over 80 models priced at or under £37,000, the Electric Car Grant will make electric driving even more accessible.
- Simple EV packages from Octopus: By getting your car, charger and home energy all in one place, it couldn’t be easier to make the switch.
- Discounted green home energy: Charge for as little as 2p per mile with cheaper, greener home energy from Octopus Energy. Our drivers get an exclusive home energy rate at 6p per kWh with Intelligent Octopus Go - EV Saver.
- Public charging made simple: Octopus Electroverse gives you one-tap access to hundreds of thousands of chargers across the UK & Europe.We’re now offering our salary sacrifice customers the chance to save up to 40% on public charging through salary sacrifice, making charging on the road much more affordable.
