OLEV Grant for Landlords - what can I claim?
Changes to the OLEV Grant came in to effect on the 1 April 2022. What does this mean for landlords? Keep reading to discover the benefits of claiming the grant and how our qualified EV charger installers can help.
Until now, the Electric Vehicle Homecharge Scheme (EVHS) has been geared towards homeowners, but that has now changed. Beginning 1 April 2022, homeowners of single-dwelling properties will no longer be able to claim the OLEV/OZEV grant. In addition to having the charger installed by 31 March 2022. Homeowners who live in flats will still be eligible to claim the grant.
The OZEV is hoping to increase the use of electric cars among leaseholders and flat owners. Under the new guidelines, for the first time, landlords will be eligible to apply for the OZEV grant in their rental units. There are two types of grants available to landlords: EV chargepoint grant and the EV infrastructure grant - both the chargepoint and the infrastructure grant can be used on the same property.
The EV chargepoint grant will provide up to £350 (or 75%) per charging socket to landlords. Each financial year, a landlord can get up to 200 grants for residential properties and 100 grants for commercial properties. This can be done for several properties or for one property. The EV chargepoint grant replaces the EV Homecharge Scheme (EVHS).
The EV infrastructure grant gives landlords money off the work that maybe required to install multiple chargepoint sockets; work for installing them now or preparing to install them in the future. Up to £30,000 (or 75% whichever is lower) off the cost of the work. Up to 30 infrastructure grants can be applied for each year BUT each must be used for a different property.
To be eligible for the grant, no Electric Vehicle is needed but landlords and multi-unit owners need to have private parking spaces. Furthermore, in order to qualify, landlords and housing suppliers need to have a Companies House registration, have a VAT registration number or be a private registered provider of social housing - without meeting these criteria, they are ineligible for the grant.
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What is the OLEV Grant?
The Office of Low Emission Vehicles offers the grant. It is also referred to as the OZEV Grant because, in the latter part of 2020, there was a name change and now the office is referred to as the Office of Zero-Emission Vehicles.
Even though the name is different, the purpose remains the same - the reduction of vehicle emissions and air pollution through the promotion of greener, electric cars. By offering a £350 grant to offset the cost of the purchase and installation of an electric charging station, the government hopes to entice landlords to upgrade their properties and make vehicle charging easier for leaseholders.
This grant is part of the UK government's £2.8 billion spending package geared towards supporting the switch from petrol and diesel vehicles to cleaner electric cars.
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Benefits of Installing an EV Charger
There are several benefits of installing charging sockets for electric vehicles for landlords. Currently, there are over 400,000 electric vehicles and 750,000 plug-in hybrids on the road in the UK. That number is expected to increase to over 6.5 million households by 2030, with the ban on sales of new petrol and diesel vehicles.
Most leaseholders who own an EV would be willing to pay more for a rental property that provides a charging station. Being able to charge their vehicle close to home will make a rental property more attractive to renters.
Adding charges for electric vehicles provides an upgrade to the property and increases its value. The property is now more inviting to potential leaseholders who already own or lease an electric vehicle. It can also help to retain good tenants.
Between the OZEV grant and an increase in rental income, the financial benefits of adding EV sockets are substantial. Furthermore, promoting the adoption of electric vehicles shows that you are doing your part to reduce your carbon footprint, make your property more environmentally friendly, and reduce air pollution.
Need More Information?
Are you ready to learn more about the OLEV scheme and how you can benefit by adding electric vehicle chargers to your rental properties? The process of setting up an account with the Government may seem overwhelming. Contact OLEV Grant for assistance. They will help you get started in deciding which is best for your property - wall or socket points and which charger types offer the best compatibility with the electric vehicles being sold. The team at OLEV Grant will also put you in contact with an OLEV accredited installer in your area.
The OLEV/OZEV grant is changing from 1 April 2022 and will now provide incentives for landlords. If you are a landlord, it is essential that you understand what you are qualified for and how to apply for the grant. You can find more information on our website or by contacting our team of experts. We are here to help make the process as easy as possible for you.
You don't want to wait because with the changes to the charging scheme, installers will be booked up fast, and you may find yourself on a long waiting list.
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