Electric vehicles are becoming increasingly popular, with many governments around the world – including the Islands of Jersey and Guernsey, offering incentives, and implementing regulations to promote the adoption of electric vehicles.
They are starting to become more affordable and widely available, making them a viable option for many people wanting to make the move to an EV vehicle.
In this blog, we run you through some of the schemes that are available to you. We also discuss how Cherry Godfrey can help you to top up a grant and finance the rest of your EV dream machine!
What you are entitled to
In Jersey, as part of its initiative to achieve net-zero by 2050, the government is offering financial incentives to both businesses and individuals to encourage the adoption of EVs. To qualify for funding, electric cars and vans must be purchased through approved retailers and priced at £40,000 or less, whether they are new or used cars, vans, mopeds, or motorcycles. In addition, drivers can receive support equivalent to 35% of the total cost, up to a maximum of £3,500, plus a handy £300 reduction available for electric mopeds and motorcycles priced at up to £5,000. There is also an opportunity to receive up to £350 in assistance for the installation of home or small business chargers.
Whilst similarly pledging to reduce carbon emissions, the Department of Transport for Guernsey were compelled to reduce the grants available for purchase of EVS by 40% in 2021. The maximum grants available are as follows: for a plug-in car you can receive £1,500, for a large electric van, £5000, a small electric van, £2,500, an electric motorcycle, £500 and for an electric moped, £150.
More reasons to make the switch
Whilst equivalent grants to purchase EVS are not currently offered on The Isle of Wight or Isle of Man, there are still some Government incentives to have on your radar when considering the purchase of an EV.
On the Isle of Wight, registered charities and small accommodation businesses with fewer than 250 employees can potentially qualify for a £350 government grant to install electric charging points at their locations. This initiative, known as the Workplace Charging Scheme, operates through vouchers and covers up to 75% of the expenses associated with buying and setting up electric charging points, with a maximum grant value of £350 per socket.
The government of The Isle of Man have recently made electric vehicles exempt from “benefit in kind” taxation. In addition, Manx Utilities offer an electric vehicle charging tariff to domestic customers who wish to charge their own vehicle for their own use.
What we can provide
The sales of new petrol and diesel cars and vans in the UK will be banned from 2030. If you’re committed to making the switch to an electric vehicle but are in need of a top-up to the Government incentive - or perhaps you are an Islander wating to finance the vehicle independently - Cherry Godfrey can provide a personalised hire purchase loan in just three easy steps. Simply request a call-back: we will get back to you within 24 hours and if your loan is approved it will be in your account within 3 days.
Contact us today to get yourself on the road to your new EV journey.
