Switched on Taxis Loan
Last Updated: 02 Jun 2023
Contents
Support provided by
Energy Savings Trust
What does this involve?
Interest-free loans of up to £150,000 are available to help owners and operators of hackney cabs (purpose-built taxis) or private hire taxis to replace their current vehicle with an eligible ultra low emission vehicle.
Limited companies are eligible for up to £150,000 of loan support, and sole traders or partnerships are eligible for up to £75,000 of loan support.
Hackney (purpose-built taxi) drivers only
The maximum loan amount you can receive is £75,000 for sole traders and £150,000 for limited companies. The vehicle can cost more than the maximum loan amount, but you would have to cover any excess cost yourself.
Private hire drivers only
The maximum loan you can receive to purchase one electric car is £30,000, or £35,000 for one electric van. The vehicle must cost £50,000 or less.
You can apply for loans to purchase multiple vehicles up to the maximum loan amounts of £75,000 for sole traders and £150,000 for limited companies.
Am I eligible?
To be eligible, applicants must meet the following criteria:
Hackney (purpose-built taxi) drivers only
The vehicle must be eligible for the Office for Zero Emission Vehicles (OZEV)’s plug-in grant. See full details of eligible vehicles on the GOV.UK site, external link which will open in a new window.
You must have owned your current vehicle for at least 6 months before you apply to replace it.
Private hire taxi drivers only
The vehicle purchased with the loan must cost less than £50,000.
What does this cost?
There are no application fees and the loans are interest-free.
Who is this for?
Owners and operators of hackney cabs or private hire taxis looking to replace their current vehicle with an ultra low emission vehicle.
How long does this take?
Energy Saving Trust aims to process complete applications within 10 working days. A decision cannot be guaranteed before this, and if information is missing it will take longer to process.
The claim process will take a further 10 working days, then allow another 3 to 5 working days for payment for successful applications.
Important information
If you’re a private-hire driver, you’ll need the following information when you apply:
- your fleet review or the vehicle comparison report provided by your sustainable transport coordinator - this will be provided after you make an enquiry
- quote(s) for the vehicle(s) you plan to purchase with the loan
If you’re a hackney cab driver, you’ll need the following information when you apply:
- your V5 registration certificate – all pages will be needed
- quote(s) for the vehicle(s) you plan to purchase with the loan
You’ll also need:
- your most recent tax documents (SA103/SA100, SA800), if you’re applying as a sole trader or partnership
- your most recent full year of financial accounts, if you’re requesting £75,000 or more of funding
- your confirmation that you won’t purchase the vehicle(s) before you receive a loan offer - if you do, Energy Saving Trust won't be able to accept your application
Next steps
Visit the Energy Saving Trust website for more information and to fill out an online business enquiry form.
Support provided by
Energy Savings Trust