The scheme, which is backed by Chargemaster, will install residential charging points for a fee of only £95 ($149 U.S. at today's exchange rate), provided that users agree to sign a two-year contract with a monthly fee that ranges between £19.50 ($30.59) and £39.50 ($61.96).
In addition to residential chargers, the Polar scheme calls for up to 4,000 public-use charging stations to by installed throughout the UK by the end of 2012. Use of the public chargers will cost 95 pence ($1.50) per fill-up.
UK Transport minister Philip Hammond is understandably pleased with the deal:
Today's announcement by Chargemaster is exactly the kind of private-sector-led initiative that we need to drive the development of our national recharging infrastructure. The Government is unlikely to invest further in such matters after it had offered the low-carbon vehicle grant of up to £5,000, and would be leaving schemes such as this to private companies.