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Auto Finance News Joju Solar unveils finance product for EV charging infrastructure Published: 30th June 2020 Share Renewable energy operator Joju Solar has unveiled finance product for both rapid and standard electric vehicle (EV) charge points in the UK. As the transition to EVs appears to be continuing – if not accelerating – alongside the pandemic with manufacturers ramping up investment, the company has noted increased interest in its charge point finance solution. According to the company, external funding enables local authorities to install public charging infrastructure at zero upfront cost. The council is then able to cover the cost of the charge points, their maintenance and even make some profit for the host site as drivers pay to use them. Joju also provides workplace charging schemes. The increased demand for the product can in part be attributed to the pandemic, as many organisations and councils alike are short of funds for investment in charging infrastructure despite the clear need for it. The company provided 15 charge points mounted on lamp posts across Reading, as part of the local council’s initial phase of a program to increase the uptake of EVs. With some 40% of homes nationwide having no off-street parking, lamp post EV chargers offer an intriguing solution for low cost charging in urban areas that lack off street parking. The lamp post charge points are only 3.6kW units (roughly the same as a standard home EV charger) due to the limited electricity supply, although Joju stated that this was sufficient for an overnight charge. The lamp post charge points also require dedicated earthing equipment such as earth mats or rods for each unit meaning the cost can be fairly high. However, Joju use CityEV’s SafeVolt chargers which contain a fail-safe device that allows them to be directly connected to lamp post supplies, removing the need for the earthing equipment, reducing the cost and enhancing safety. Joju installed 14 EV charge points across eight public car parks in Andover and Romsey. After conducting a feasibility study which looked at possible locations for the charge points and their expected usage, the company paid for the charge points with the aim of recouping the investment by charging drivers for charging from the charge points. According to Joju, this method of funding EV charge points enables councils to deploy a greater number of public charge points than would be possible if purely council funded. Founded in 2006, Joju Solar operates in the renewable sector and is now responsible for nearly 10% of all community renewables in the UK. The company has supported the drive for solar panel installation on social housing and has taken part in initiatives including the first community-funded solar project in the UK. Asset Finance Connect Asset Finance Connect brings you news and updates about UK and European auto, equipment and asset finance providers. Sign up to our newsletter Featured Stories NewsVolkswagen Group hits highest European market share in 3 years NewsAuto Trader predicts growth of new and used car market in 2025 NewsOctober sees modest 1.1% growth in new EU car registrations Auto Finance
