The UK Government first announced its 2030 ban on all new petrol and diesel vehicles in 2017. Since then, individuals and businesses have been working hard to reduce their carbon footprint to benefit from a greener future.
However, some business owners and their employees have found it difficult to make the switch to electric vehicles. To encourage businesses to invest in electric vehicles, the government has provided grants such as the Workplace Charging Scheme (WCS), reducing the upfront costs of charge point purchase and installation.
But what about support for getting a new electric vehicle in the first place?
Octopus Electric Vehicles thinks they may have the answer. They have just launched a new car leasing scheme that can help businesses and employees enjoy the benefits of greener driving. Here’s how you can get a new electric vehicle with the scheme.
How Does Octopus EV Leasing Scheme Work?
Octopus EV’s Electric Dreams service allows you to drive new electric vehicles by sacrificing a portion of your free-tax salary. Octopus will set up a salary scheme for your business, allowing employees to save up to 40% on their electric car. The car will be leased through an employee’s salary, with no upfront costs or credit checks. The scheme also provides a driving package, which includes insurance, servicing, maintenance costs, and more.
From 2020, EV drivers were exempt from the Benefit-in-Kind (BIK) tax, which made leasing an EV through workplaces more attractive. This lower tax gave the impetus for Octopus to create a new EV salary sacrifice scheme that will work in a similar way to the cycle-to-work scheme.
The salary sacrifice will allow you to pay for the lease of your new electric vehicle from your gross salary, which can help you save on your national insurance and income tax. By combining the now 1% BIK tax for electric vehicles and the salary sacrifice, employees can save on their monthly EV leasing payments.
How Can You Register for the Octopus EV Salary Sacrifice Scheme?
To sign up for the Electric Dreams car scheme by Octopus, employers must complete a credit application form and sign the relevant agreements, such as the Master Vehicle Lease Agreement. Once complete, an Octopus account manager will help you implement your salary sacrifice scheme.
Employees sign up for the scheme and can then order their new electric vehicle from Octopus. After a single, tax-free monthly sacrifice from your gross salary, you will receive your fully insured electric vehicle. There are no deposits or upfront costs, which makes the scheme affordable and accessible.
How Can You Power Your Electric Vehicle?
New EV drivers are often concerned about how they will power their electric vehicles. After all, charging your electric vehicle does require some planning if you don’t yet have one installed at home. Unlike petrol and diesel vehicles, you can’t top up electric cars in seconds. It can take hours to fully charge an empty EV battery.
Most EV drivers are investing in home EV charge point installation, most of which are smart home EV chargers. These chargers are a convenient and efficient way to power your electric vehicle.
Your EV charging can be controlled using your smartphone, which allows you to determine the time, speed, and duration of your charging. Wallbox EV chargers are also a lot safer than charging using your home’s mains electric supply as you won’t risk overheating or tripping your electrics.
Workplace charging is another charging option too. More and more businesses are installing workplace EV charge points for their employees and visitors to enjoy. Workplace charging is ideal for top-up charges. However, it probably shouldn’t form your primary charging option. Six to eight hours isn’t usually enough to provide a full charge, and some workplaces limit employee charging time to ensure that everyone can enjoy workplace charging.
Why Choose Applegarth for Your EV Installation Needs?
To enjoy the benefits of an electric car, you will need to invest in EV charge point installation. Some EV drivers try to cut corners by using public or workplace charging points.
Charging an electric vehicle can take up to 14 hours, making public charging or the workplace impractical for most people. When you choose to install an EV charge point, you should only use a certified installation company. Using an unaccredited company could jeopardise your chances of receiving a government EV grant and risk your family’s safety too.
Applegarth is an OLEV-approved EV charger installation company with well over a decade of experience in renewable energy installations. We have completed high-quality EV charge point installations at residential and commercial properties in Wirral, Chester, and right across the North West.
Since we are government-approved EV charge point installers, we can also provide guidance and support through the OLEV grant application process.
If you’re looking for an experienced EV charge point installation company, contact us today. One of our friendly team members will be happy to discuss your requirements and get you started with an obligation-free quote.