Is an Electric Vehicle the sensible option for you and your customers?
We know for you to stay competitive as an employer the key to getting the best employees is your financial and reward schemes, for many years company vehicles have long been used by businesses to reward employees and as a Directors perk.
The future is changing, the future is green. Stay competitive and be ahead of the game as an employer.
Business benefits of buying Electric Vehicles
Businesses investing in EV's get a number of financial advantages over purchasing a conventional petrol or diesel vehicle:
- 100% first-year capital allowance for businesses purchasing EV's - Allowing the whole cost of purchase to be offset against taxable profits in the first year
- No fuel duty payable on electricity
- Lower Employer National Insurance Contributions
- Much Lower or even no company car tax for employees
- No road tax
- Many councils are offering free parking for EV's
- 100% discount from the London Congestion Charge
- Lower running costs than Petrol or Diesel (typical savings of £150 for every 1000 miles you drive)
More than ever before buying electric is the sensible option.
To help EV's become a better option the Government has set up a number of incentive schemes.
- Plug-in car grant - EV car buyers can receive a grant of up to £300 from the Office of Low Emission Vehicles (OLEV)
- Plug-in van grant - Electric Van buyers can claim up to £8000 of the cost of an eligible van
- Work Based Charging Scheme - This scheme allows businesses to claim 75% of the total cost of the installation, up to a maximum of £500 per socket and up to a maximum of 20 sockets per business (That's £10000 per business!). The business can have charge points installed without owning an Electric Vehicle as they may require charge points for visitors, tenants or staff who have EV's
- Electric Vehicle Home Charge Scheme - This scheme allows domestic users to claim 75% of the total cost of the installation, up to a maximum of £500 per socket
With the above benefits the return on investment seems so much more than a traditional petrol or diesel engine.
Is buying an EV still too expensive?
It may be more affordable than you think, Electric vehicles are becoming cheaper to purchase as the technology evolves.
- Hyundai Kona Electric 64kWh - Priced new: from £32000, lease deals available around £330 per month (48 months), it has a range of 280 miles
- Hyundai Iconic Electric - Priced new: from £31000, lease deals available around £270 per month (48 months), it has a range of 175 miles
- MG ZS Electric - Priced new from £21500, lease deals available around £250 per month (48 months), it has a range of 225 miles
- Nissan Leaf - Priced new from £28500, lease deals available around £250 per month (48 months), it has a range of 155 miles
- Renault Zoe - Priced new from £22000, lease deals available around £289 per month (48 months), it has a range of 185 miles
- Volkswagen e-Golf - Priced new from £33000, lease deals available around £310 per month (48 months), it has a range of 185 miles
- BMW I3 - Priced new from £35000, lease deals available around £255 per month (48 months), it has a range of 185 miles
- Tesla Model 3 - Priced new from £35000, lease deals available around £350 per month (48 months), it has a range of £320 miles
- Tesla Model S - Priced new from £75000, lease deals available around £800 per month (48 months), it has a range of £320 miles
- Jaguar I-Pace - Priced new from £65000, lease deals available around £500 per month (48 months), it has a range of 300 miles
- Audi E-Tron - Priced new from £70000, lease deals available around £700 per month (48 months), it has a range of 280 miles
The motor industry is all too aware of its dirty past and it’s now the focus of all manufactures to clean up their act and go green, EV’s are becoming more affordable and the technology is evolving fast.
Are electric vehicles expensive to maintain?
A petrol or diesel vehicle is a complex working machine that requires many components to operate correctly - exhaust systems, starter motors, fuel injectors, radiators, gears, the list goes on and on. Pure electric vehicles on the other hand have three main components - the battery / charger, the inverter and the motor. It also has fewer moving parts. This means an Electric Vehicle requires less maintenance and servicing intervals. All of which save the owner money.
The world is changing don't get left behind!
If you haven't been asked already it won’t be long before you have customers asking you to fit EV Charge Points for them.
To offer customers the OLEV grant funding you need the following:
- The City & Guilds 2919 Electric Vehicle Charge Point Installation Qualification (or equivalent)
- The charge point manufacturers approval (approved installer status)
- Membership of a competent person scheme (Napit, Stroma, NICEIC, etc)
- Minimum £2million pound liability insurance
Once you have the above registering to offer the funding is completed online at: https://forms.dft.gov.uk/olev-authorised-installer-application/
