Making the switch to electric is just good business, right? Whether you're an individual purchasing a car through work or a business looking to change up your fleet of company cars, going electric is the smart choice. We detail the many reasons why you should consider electric for your next company car below.
You can make significant savings on your fuel, service and maintenance and tax costs by choosing a plug-in alternative to regular petrol and diesel vehicles.
The government have reduced BIK for all electric cars to 0% for 12 months from April 2020. Plug-in hybrid vehicles are enjoying reductions of BIK to as low as 2%. Switching to a low emissions vehicle can make a big difference to the income you take home. You can read more about the tax benefits of switching electric in our dedicated tax benefits section.
The average UK motorist driving 8000 miles per year can reduce their fuel costs to £320 by switching to an electric vehicle. Electric vehicles offer value over the long term and can be an outstanding investment for drivers looking for a more cost-effective and efficient way to get around.
There are far fewer mechanical components in an electric vehicle compared with regular vehicles meaning there is less wear and tear. Research estimates service and maintenance costs are 23% lower for electric vehicles. So if you’re picking up the bill for your vehicle’s maintenance, it’s worth considering that electric vehicles will minimise the cost.
All electric vehicles are exempt from road tax whilst plug-in hybrid vehicles pay a reduced level of tax which increases as their tailpipe CO2 emissions increase.
All plug-in vehicles are exempt from the London Congestion Charge. For regular users of this zone, you could save over £2,000 a year. Low emissions vehicles will benefit from lower charges from Clean Air Zones being implemented in Leeds, Nottingham, Birmingham, Southampton and Derby as well as the Ultra Low Emissions Zone already active in London.
Get in touch with a business centre near you to find out more about hybrid and electric vehicle offers.
There are two types of charger to chose from, wall mounted and post. Once you've decided between the two you need to make a decision between their two derivatives, tethered and socketed.
These chargers work in exactly the same way as home charge points. They are mounted in an ideal location on the side of a building where they can access the power supply. Wall-mounted charge points are the cheapest option and are the easiest to install. The downside that comes with this is that they are usually limited in terms of charging speed.
A post is a stand-alone unit that can be installed away from a building, typically in parking facilities. Posts allow for businesses to be more organized with their charging facilities and are more convenient for those using them as you don’t have to crowd around the side of a building. They can also have multiple leads to allow more than one vehicle to charge at one time. Posts are more expensive to install because of their charging capabilities and the need to run the power supply underground to reach the post.
A tethered unit comes with a cable fixed to it. It is more convenient as you don’t have to connect and remove the cable every time you charge. However, you aren’t able to use the charger if the plug isn’t compatible with your vehicle. You must consider the plug types of your company cars before installing a tethered unit.
Socketed units allow for more flexibility as you can change the charging cable depending on what vehicle needs charging. It is less convenient than a tethered unit as you have to plug in and remove the cable for each charge, but it will be far more suitable for your business if you have a wide range of vehicles using your charge points.