Time is running out in Britain for a generous £5,000 ($7,777) grant program for buyers of plug-in electrified vehicles.
With now 35 cars to choose from, and more perks like free parking and charging offered as well, 36,000 grants have been spoken for out of an allotted 50,000 and it’s predicted the program could max out by the end of this year if the present rate of sales continues.
Sales of plug-in electrified cars in the UK started slowly and the grant program intended to kick-start the market in 2011 initially saw little success, but that has changed, says the Guardian.
For 2015 sales have quadrupled over the same period last year to 11,842 units though May.
The PEV car grant along with £8,000 for plug-in electrified vans has seen sales spiral upwards with cars like the Nissan Leaf and Mitsubishi Outlander plug-in hybrid being among the top sellers.
In a land where petrol is quite pricey, the Guardian points out the value proposition for plug-in cars has not been lost on many a consumer.
“A full charge will cost around £2 to £3 and will give a typical range of around 100 miles,” says the Guardian. “Driving 100 miles in a petrol or diesel car will cost around £12 to £18.”
Plug-in cars however remain only 2.5 percent of the market, and now it looks like a major incentive may be drying up.
The Guardian does not mention whether the government might extend the perk, and suggest only that it will soon be going away.