First Business Finance
Financing Charging Points For Electric Vehicles
Following UK Government announcements to ban the sale of new petrol and diesel vehicles by 2030, there is a greater demand for electric vehicles.
Electric Cars and Light Commercial Vehicles are now being acquired with 76.3% more registrations in 2021 compared with 2020 and with that comes the need for effective EV Charging installations.
Currently there are just 28,375 public electric vehicle charging devises, which is just 42 per 100,000 of the population. First Business Finance is committed to supporting change to electric, including the funding of EV Charging points for UK SME’s.
To Be Noted:
- EV charger installations for business users. e.g. within a staff or customer car park
- Financing serviceability to be demonstrated through borrower’s normal trading activity and not based on future revenues from the charging equipment
- Supplier agreement including cost breakdown
- Install costs to be < 50% of the overall project cost
- Supplier must be UK govt approved *
- Manufacturer and specific model must be UK govt approved**
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