Lloyds Banking Group has announced a £1 million fund to incentivise zero-emission driving in the UK.
It will offer both domestic customers and businesses £1,000 towards the cost of electric vehicles (EVs) leased through its vehicle leasing arm, Lex Autolease, from 2019.
The first 1,000 customers who sign up for an all-electric car from the company will be offered the incentive.
The scheme is expected to increase the total number of pure electric vehicles registered next year by around 8%
Tim Porter, Managing Director at Lex Autolease said: “The electric vehicle market is still relatively new and continues to evolve at pace. One of the key benefits of leasing an electric vehicle is that customers don’t take on any of the potential risk associated with the future resale value of the vehicle and as maintenance costs can be included in a single monthly payment, it eliminates any surprises along the way.
“Because battery technology and the range of electric vehicles are improving, they are also fast becoming suitable for mainstream motorists, meaning more road users can take advantage of their low running costs.”
The announcement was made at the Zero Emission Vehicle Summit in Birmingham this week, where Prime Minister Theresa May committed £106 million of funding for research and development in green vehicles, batteries and refuelling technologies.
The government is also proposing to give green number plates to clean cars, vans and taxis under new plans to promote awareness of ultra-low emission vehicles.