Scottish interest-free loans of up to £100k available for businesses to invest in electric vans

Scottish businesses exploring the use of electric vans can now apply for an interest-free loan of up to £100,000 from the Energy Saving Trust.

A funding pot of £2.5m has been made available by the Scottish government agency Transport Scotland to encourage the uptake of new electric or plug-in hybrid vehicles.

The new loans can cover 100% of the purchase price, which can be repaid over a period of up to six years.

They will complement the existing Plug-in Vehicle Grant scheme that offers up to £8,000 at point of purchase towards the upfront cost of new electric vans.

Scottish transport minister Derek Mackay said: “Encouraging mass changeover to electric vehicles, from more polluting ones running on petrol or diesel, is a key to cleaner road transport in Scotland and a fundamental factor in achieving our ambitious climate change targets while also improving local air quality.

“Electric vehicles already offer large savings to drivers through reduced fuel and taxation costs and this fund will further encourage new buyers by addressing the current cost premium often cited as a barrier to making the switch.”

In addition to the electric vehicle loan, full grant funding is available through the ChargePlace Scotland programme for installation of charging points at homes and business premises, while the majority of public ChargePlace Scotland charge points are also free to use.

Scottish courier company SGM Distribution recently took advantage of the charging point funding to enable it get a Siemens charging point supplied and installed at its premises free of charge for its two new all-electric Mercedes-Benz Vito E-CELL vans.

For more information on how to apply for the new vehicle loans, call Home Energy Scotland, the Scottish government’s free and impartial advice service, on 0808 808 2282 or visit www.energysavingtrust.org.uk/EVloan.