Reminder that the plug-in grant has ended
The government plug-in grant was first introduced 11 years ago to help drivers make the move to owning an electric car. Since the scheme was introduced the amount of the grant available reduced significantly as did the range of cars to which the grant applied.
Significant changes to the low-emission vehicles plug-in grant scheme became effective on 15 December 2021 in response to soaring demand for electric vehicles and to help target those buying the most affordable zero emission cars. Just under six months later, on 14 June 2022, the government announced it was closing the plug-in car grant scheme to new orders.
The government is now focusing on helping to expand the public charge-point network and has committed £1.6 billion to this effort. In addition, £300 million in grant funding will be used towards extending plug-in grants to boost sales of plug-in taxis, motorcycles, vans and trucks and wheelchair accessible vehicles.
The sale of all new petrol and diesel cars and vans is expected to be phased out by 2030. Interestingly, battery and hybrid electric vehicles (EVs) now make up more than half of all new cars sold. Fully electric car sales have risen by 70% in the last year, now representing 1 in 6 new cars registered.
No Advice
The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.
Information
The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.
Share this article