cost savings

VIEW FUEL TYPE DECISION TREE

Find out if an electric vehicle is suitable for you

VEHICLE GRANTS

The Office for Low Emission Vehicles (OLEV) provide the “Plug in Car” and “Plug in Van” grants for vehicles that emit 75 g/km of CO2 or less and are capable of zero emission travel.

For cars a grant of 35% of the purchase price can be claimed up to a maximum of £4,500 and for vans 20% of the purchase price up to £8,000.

The vehicles need to be approved by the Government and there are different categories of vehicles which affects how much the grant is. The grant will already have been accounted for in the lease cost of the vehicle so you don’t need to apply for it; we take care of it all.

CHARGING GRANTS

The Government provides domestic electric vehicle charge point grants for people who own or lease plug in vehicles, which is for 75% of the cost of the unit and installation, to a maximum of £500. The individual must apply for this grant themselves. We work with a company podPOINT who can provide these units fully installed and provide help and guidance. Please see the charging section.

The Government also provides grants for charge points at business premises.  It is a voucher based system which provides a grant of £300 for each socket up to a maximum of 20 across all sites for each application.
All charge points must be supplied and installed by an OLEV approved supplier, such as podPOINT who are fully approved.

For more information on all OLEV grants – www.gov.uk/olev

TAX

There are currently many tax benefits for ultra low emission and plug in vehicles (ULEVs).  

The Driver - Benefit in Kind (BIK) tax (or company car tax) is greatly reduced for ULEVs and becomes even more beneficial in 2020/21for vehicles emitting 50g/km CO2 or less.

The Company - Class 1a NIC is based on the drivers BIK so that reduces also, and there is zero vehicle excise duty for pure electric vehicles. In addition cars emitting 110g/km and below have improved writing down allowances, and are not subject to lease rental restrictions.

MAINTENANCE

Pure electric vehicles have much less moving parts and fewer requirements for oil changes / spark plugs and the like. This means they are typically much cheaper to maintain and in our experience very reliable.

Plug in Hybrids which have both an electric system and an internal combustion engine are normally similar to that of a traditional diesel or petrol equivalent as they still have the engine and gearbox to maintain.

FUEL COST

This is typically the biggest cost saving for an electric vehicle. A pure electric car or a plug-in hybrid (PHEV) in electric vehicle mode can cost as little as 3-4 pence per mile, and with some free public charging points even less. An equivalent efficient diesel car would typically be 10-14 pence per mile and petrol cars even more.

Vans will see similar cost savings dependent on payload. So driving a pure electric car or PHEV in electric vehicle mode can yield significant cost savings and environmental benefits.