Drivers looking to switch to an electric vehicle in the near future could make use of new incentive schemes after the Government announced it would extend the timeframe to access EVs.
Financial incentives have been at the heart of the EV transition with motorists being able to save thousands of pounds when purchasing a new electric vehicle.
Alongside the Government grants, a number of car manufacturers are also offering grants to support the switch including Fiat and Vauxhall.
In the most recent change, the Department for Transport and Office for Zero Emission Vehicles announced that the Plug-in Motorcycle Grant has been extended until "at least April 2025".
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The grant scheme for electric taxis has been extended until at least April 2025
PA
While many will praise the move from the Government to extend the grant, the incentive only applies to L3 motorcycles, with the grant officially closing to L1 mopeds on April 6, 2024.
To be eligible for the PiMG, the vehicle must have a recommended retail price of less than £10,000, an electric range of 50km and a Type 1, Type 2 or CCS Combo 2 charging plug.
The grant also only applies to motorcycles at its first registration, if it meets all of the eligibility criteria for the scheme and if the vehicle has been approved by OZEV.
It follows the decision to also extend the Plug-in Taxi Grant in February, allowing drivers to get their hands on an electric taxi until April 2025.
However, the changes also meant that the maximum discount for the PiTG would fall from £7,500 to just £6,000.
Earlier today, the Government confirmed the new changes, outlining how the maximum grant rate is now lower than the original total.
To obtain the £6,000 grant, the vehicle must have a zero-emission range of 70 miles or more and emissions of less than 50g of CO2 per kilometre.
The £3,000 price cut applies to taxis with a zero-emission range of 10 to 69 miles and emissions of less than 50g/km.
To compensate for the reduction in the maximum grant value, LEVC has announced a £1,500 finance deposit contribution on all of its new TX taxi models.
The new campaign fully offsets the price reduction and is available to all taxi drivers accessing finance options offered by LEVC Financial Services.
LEVC’s electric TX taxi has travelled more than 780 million miles globally and prevented more than 240,000 tonnes of harmful CO2 emissions from being released, with more than 6,000 of its EVs being seen in the capital.
Chris Allen, managing director at LEVC, commented: “Demand for our award-winning TX continues to accelerate, but with the recent £1,500 reduction in the PiTG coupled with currently high national interest rates, drivers need support to continue their transition into new, green taxis.
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There are more than 6,000 electric LEVC taxis in London
PA“LEVC recognises this and it’s why we’re making this new contribution and subsidised APR finance offer available, initially bridging the gap for our customers.
“Looking ahead, LEVC will continue to work closely with Government to provide long term support to the trade, including provisions beyond the current one-year PiTG extension.”
