Shift towards electric vehicles  

The UK is seeing a shift towards electric vehicles

On the 29^th June 2015 Boris Johnson announced that London would host trials to the very first all-electric double-decker bus, and taxi drivers are also being encouraged to opt for greener vehicles in a bid to meet emissions targets. Sales of electric vehicles has sky-rocketed in the past few years with four times as many vehicles being registered in the first five months of 2015 than the same period in 2014.

It’s no surprise that there has been a shift towards electric vehicles. Government bodies are increasingly under pressure to meet emissions targets, and the public are being penalised for driving vehicles considered to be less than environmentally-friendly. For example, in London from 2016 diesel drivers could potentially be hit by a “pollution penalty” every time they enter London, and a London council has increased the price of a parking permit for owners of diesel cars. Transport is also increasingly going green, with targets set for all new black cabs to be electric by 2020 and Boris Johnson’s announcement earlier this week that London would trial the first all-electric double-decker bus. There are also grants available to individuals who wish to purchase an electric vehicle; although they still remain the more expensive option compared to their petrol and diesel counterparts. However, the value of the grant that individuals can apply for has now increased, and people can now apply for a grant of 35% of the vehicles OTR price (or £5,000, whichever is less), compared to 25% it was until 1^st April 2015. Most electric vehicles cost over £20,000 though, so it is still a large financial investment.

There has also been an increase in the number of models available, and while the charging network is still a cause for concern for some, it is improving, with the number of charging points increasing from a few hundred in 2011 to over 8,400 in June 2015. The cost of fuel is also comparatively cheaper, costing as little as 2-3p per mile; and electric vehicles are exempt from vehicle excise duty.

We’ll be interested in following how things progress in the electric vehicle market, especially with the trialling of electric vehicles in the public transport system, and how car sales will increase due to increased pressure to reduce emissions.