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A share offer to help expand the charging network for electric vehicles (EVs) in Lancashire is coming to an end on 31 March.

The money is being raised by Charge My Street, a community benefit society that installs and maintains public EV chargepoints – all funded through community share offers. Their aim is for every home without a driveway (where most charging takes place) to be within a five-minute walk of a chargepoint.

Their goal is to raise £130,000 from public investment in order to fund the installation of 100 new chargepoints throughout Lancashire and Cumbria and with only one week left, potential shareholders are running out of time to invest.

This follows the government’s 2020 budget statement this month, during which chancellor Rishi Sunak announced the government would be supporting EV charging and market transition.

This support will include £532 million for consumer incentives for ultra-low-emission vehicles as well as tax reduction on zero-emission vehicles. The government hopes that this will begin to move citizens away from polluting vehicles, which are responsible for around a fifth of overall UK emissions.

With the numbers of EV drivers on UK roads increasing every year, the support of the government is likely to help begin the process of a large-scale switch from petrol and diesel cars across the nation.

Locals in the North West have been making sure that their areas will be ready for the EV revolution by putting money into Charge My Street’s community share offer.

Fergus Walsh, a new investor in the society, said: “I invested in Charge My Street as I want to see the Lancaster area being at the forefront of the change to electric vehicles. Whilst I can't yet afford to invest in an electric vehicle myself, by the time I can I think Charge My Street will have made it very accessible to run whilst living in a terraced house.”

Following the drop-in interest rates by the Bank of England, the share offer is an even more attractive ethical investment, with a projected 2 to 5 per cent rate of interest.

With a likely boom in the national EV market imminent, an expansion of the charging network will be a valuable asset for Lancashire’s tourism and business sectors as they attempt to recover from the Covid-19 crisis.

Charge My Street is planning to install chargepoints at pubs, churches, community centres and many other locations that are best placed to serve the surrounding community.

Anyone interested in investing in the community share offer should visit Invest | chargemystreet.co.uk.
 
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