Electric Vehicle Cost Savings

cost savings

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VEHICLE GRANTS

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

For vans a grant of up 35% of the cost can be claimed up to a maximum of £2,500 (small vans) and £5,000 (large vans).

For the latest rules and rates please check Low-emission vehicles eligible for a plug-in grant - GOV.UK (www.gov.uk)

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 also provides grants for charge points at business premises. It is a voucher based system which provides a grant of £500 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 OZEV approved supplier, such as podPOINT who are fully approved.

For more information on all OLEV grants – Office for Zero Emission Vehicles - GOV.UK (www.gov.uk)

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.

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 50g/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 6-8 pence per mile, and with some free public charging points even less. An equivalent efficient diesel car would typically be 11-13 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.

Electric vehicle cost savings