Another week and another Government initiative to help us meet its goal of being carbon net zero by 2050.The new scheme is aimed specifically at landlords who want to improve the eco-credentials of their buy-to-lets.
Called the ChargePoint grant, the initiative is not brand new – instead it replaces the Electric Vehicle Homecharge Scheme. The new grant invites landlords to apply for a 75% discount on the cost of purchasing and installing a home electric vehicle charging point, up to the value of £350. There are, however, a few caveats to note. The landlord must own the parking area and be VAT registered or registered at Companies House to be eligible.
Landlords who don’t engage in this Government initiative may find their buy-to-let gains an electric vehicle charging point anyway, as a related scheme gives tenants in rented flats and single-use accommodation access to a similar grant. In this case, the charge point installer applies for the grant on behalf of the tenant, with the discount coming off the tenant’s final installation bill. Again, there are conditions. The tenant must own, lease or have ordered a qualifying electric vehicle and prove there is dedicated off-street parking at their property.
The tenant-driven scheme is also a way for landlords who don’t meet the VAT or Companies House standard to benefit from the discount, by encouraging tenants to apply for the grant instead.
Under 41s are prioritising eco aspects
New research conducted by E.ON among Gen Z (aged between 16-27) and Millennials (aged between 28-41) has revealed electric vehicle charging points to be high up on the home moving agenda.
Over three quarters (77%) of Gen Z said eco aspects, such as an electric vehicle charging point installed or a heat pump, were a priority when searching for a new home to buy or rent. In addition, four in five people (81%) aged between 16-41 would pay a higher price for a property if it had an electric vehicle charger, a heat pump or solar panels.
When it came to electric vehicle charging points specifically, 62% of Gen Z renters and buyers placed great significance on this aspect, while 80% of Gen Z and 78% of Millennials said they’d disregard properties that didn’t meet minimum energy efficiency ratings.
More electric cars are being sold
Landlords need to accommodate rising ownership of electric cars – 1 in 5 UK cars sold to date in 2022 is an electric vehicle, according to data from the Society of Motor Manufacturers and Traders.
Sales are expected to accelerate in the coming months as the choice of electric vehicles in the UK market expands. Currently there are more than 140 different electric models to choose from, with another 50 planned by the end of 2022. This compares to just nine electric models in 2011.
Full details about the ChargePoint grant for landlords can be found on the Government’s website, or contact us if you are thinking of making any eco modifications to your buy-to-let.