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As Chancellor Rachel Reeves prepares to deliver her first Autumn Statement (26th November), electric vehicle (EV) drivers are being urged to get budget-ready amid growing speculation over potential changes to motoring taxes, energy tariffs, and green incentives.
With Treasury insiders hinting at reforms to benefit-in-kind rates and home charging grants, over £2,518 of electric vehicle perks could be taken away from motorists – meaning current, or soon to be, EV-owners, have 1 week to act now to guarantee access to these perks.
That’s why George Penny, EV charging expert and Director at The Solar Co, is advising motorists to take action now to lock in cheaper tariffs, secure existing grants, and future-proof their finances before the Autumn Budget.
With an estimated 52% of UK businesses offering staff opportunities to purchase an EV via a tax-efficient salary sacrifice scheme, this means up to 17.8 million Brits could be set to miss out on EV savings if they don’t act now.
EV salary sacrifice schemes remain one of the biggest tax-efficient perks available to workers, but they may not stay that way. The Treasury is reviewing green perks as part of a wider look at fiscal fairness, meaning benefit-in-kind rates could rise.
Currently, employees can save up to 40% on the cost of a new EV, saving over £2,000 compared to purchasing a non-EV, depending on your tax bracket.
With no guarantees that such tax perks will remain after the budget, signing up before the Budget later this month could lock in today’s cheaper rates for several years, insulating drivers from future tax hikes.
Energy costs are expected to come under fresh scrutiny in Rachel Reeves’ Autumn Budget, making it a crucial moment for EV drivers to lock in cheaper charging tariffs before any changes take effect.
Drivers on a typical standard variable tariff currently spend around £468 a year to charge their EV, but switching to a dedicated EV tariff can dramatically cut those costs.
For example, E.on customers on the Next Drive Smart v5.2 tariff could save around £353 a year, while Good Energy’s EV Charge plan offers savings of roughly £351.
With potential Treasury reforms on the horizon, drivers are being urged to switch now and lock in current prices before the Autumn Budget reshapes the energy landscape.
The government’s EV chargepoint grant offers up to £350 off installation for homeowners, renters and landlords, but it’s rumoured to be under review as part of the Treasury’s spending audit.
Installation costs typically range from £800 to £1,200, meaning eligible applicants could reduce their outlay by a third if they apply now. If the Budget means-tests or scales back grants, waiting could make that charger significantly more expensive.
Used EV prices fluctuate sharply based on government incentives and tax changes. If the Autumn Budget announces new levies or ends current perks, second-hand values could dip overnight.
With the value of used EV’s falling at a 27% faster rate than petrol or diesel engines, any significant announcements to the accessibility of new EVs could exacerbate this trend.
Selling or part-exchanging now could preserve thousands in value, especially for models that currently attract strong demand.
With the market moving fast, timing the sale before major fiscal changes could mean the difference between a small dent and a big depreciation hit.
Notes to editors:
To determine the number of Brits that may be eligible for an EV salary sacrifice taken by calculating the amount of businesses that offer such schemes, 52%, of the number of Brits that work, 34.24 million , which gives 17,804,800.
EV tariffs are correct at time of writing. EV charging costs are based on comparing standard-variable rates with tariffs for existing customers. Calculations based on an average 60KW EV travelling 7,100 miles annually with energy efficiency of 4 miles per kWh. The annual cost of charging an EV at the new standard variable rate of 26.35 per kWh was calculated to be £467.71.
About George Penny
Based in Bromley, George Penny is the Director of The Solar Co. He has a passion for leading the UK’s transition to efficient and reliable renewable solutions for households and businesses alike.
About The Solar Co
The Solar Co is a leading UK-based renewable energy installer specialising in solar panels, battery storage, and EV charging solutions for residential, commercial, and new-build properties. Serving London and the South East, including areas like Bromley, Kent, and Croydon, the company is committed to helping customers reduce energy bills and carbon footprints through high-quality, MCS-certified installations.
With a focus on customer education and support, The Solar Co offers an interactive savings calculator, transparent consultations, and assistance with grant applications.
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