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What grants are available for privately purchased electric vehicles?
Aside from the discounted annual road tax of €120, there is a maximum grant of €5,000 available for qualifying new battery electric vehicles (BEVs). Approved EVs with a list price of less than €14,000 do not qualify for a grant, but there are few EVs in this price range.
On the 1st July 2021, there was a cap of €60,000 placed on the full price of all vehicles. This is the full price of the vehicle to the customer, including all optional extras, paint and delivery, but excludes any incentives such as grants or rebates. The grants come in a staggered payment system depending on the cost of your new EV. This is the full, non-discounted price in the absence of VRT relief or grant support. It is worth noting most electric vehicles listed on Nifti are inclusive of the appropriate grants, because we apply on your behalf for the grant, where available, eliminating the hassle for you.
| List Price of Approved EV | BEV |
|---|---|
| €14,000 to €15,000 | €2,000 |
| €15,000 to €16,000 | €2,500 |
| €16,000 to €17,000 | €3,000 |
| €17,000 to €18,000 | €3,500 |
| €18,000 to €19,000 | €4,000 |
| €19,000 to €20,000 | €4,500 |
| €20,000 to €60,000 | €5,000 |
Do the grants also apply to business owners and commercial vehicles?
The SEAI provides grant support towards the purchase of new N1 category electric vehicles for business and public entities. These N1 category vehicles are typically small goods carrying vans with a technically permissible maximum mass not exceeding 3500kg.
Take, for example, the Opel Combo E or Renault Kangoo. The maximum grant of €3,800 is available for qualifying N1 category BEVs when purchased commercially, which NiftiBusiness do on your behalf. Approved BEVs with a list price of over €60,000 or less than €14,000 will not receive a grant. Like privately purchased cars, these grants apply to new vehicles only and cannot be claimed on used vehicles. The grant level depends on the list price of the vehicle without any discounts and in the absence of VRT relief or grant support.
| List Price of Approved EV | BEV |
|---|---|
| €14,000 to €15,000 | €2,000 |
| €15,000 to €16,000 | €2,500 |
| €16,000 to €17,000 | €3,000 |
| €17,000 to €18,000 | €3,500 |
| €18,000 to €60,000 | €3,800 |
Can NiftiBusiness continue to get me commercial vehicles with the grant?
While you can lease many vehicles through NiftiBusiness, the EV scheme grants are classed as de minimis state aid and therefore are subject to the 3 year €200,000 ceiling. We therefore could be asked to complete a de minimis declaration within the grant application form.
What is Accelerated Capital Allowance?
Electric vehicles and electric vehicle charging equipment can also qualify for the Accelerated Capital Allowances (ACA) scheme. This ACA scheme allows a farmer or company that pays corporation tax in Ireland to deduct the full cost of the equipment from their profits in the year of purchase. As a result, the reduction in tax paid by the organisation in that year is currently 12.5% of the value of capital expenditure.
By contrast, the Wear and Tear Allowance provides the same tax reduction, but this is spread evenly over an eight-year period. For cars falling under the category “Electric and Alternative Fuel Vehicles,” the accelerated allowance is based on the actual cost of the vehicle or €24,000, whichever is lower. This is a conversation you should have with your financial advisor.
Can Nifti assist with obtaining a Home Charger Grant?
Yes, we can. The Home Charger Grant is a government-backed support scheme assisting residents and homeowners with installing electric vehicle charge points at their properties. The scheme provides a grant up to the value of €600 towards the purchase and installation of a home charger unit by a fully qualified electrician who is registered accordingly with Safe Electric Ireland. To receive payment, you must produce ownership evidence of an eligible new or second-hand electric vehicle, but you can also apply and install your charger ahead of receiving the vehicle.
Vehicles eligible for the Home Charger grant must be M1 Passenger Vehicles, which are either Battery Electric Vehicles (BEV) or Plugin Hybrid Electric Vehicles (PHEV). The vehicles may be new, secondhand, imported or company-owned or leased passenger vehicles. The SEAI website offers a list of eligible vehicles. There are currently no grants available for apartment dwellers, but loca
l authorities can apply to install charge points on public streets or public car parks, which provide overnight parking for local residents. As Nifti remain the registered owners of the vehicle, we are happy to work through this process to help obtain the grant.
What other incentives can Nifti Electric Vehicles users benefit from?
Under the 2020 Budget, funding was secured to support a reduced tolling scheme for low emission vehicles. The Scheme is referred to as the Low Emissions Vehicle Toll Incentive (LEVTI) Scheme. To participate in the Scheme, eligible toll users must meet the following criteria within one of the three sub-categories:
- Passenger Cars and Light Goods Vehicles
- Small Passenger Public Service Vehicles (SPSV)
- Heavy Duty Vehicles (HDV)
Participating toll tag providers can be found on etoll.ie, and once registered, you will begin to enjoy discounted toll bridge crossings.