There are plenty of electric vehicle benefits which extend beyond environmental. Have a read of just some of the Electric Vehicle benefits below.
Financial Benefits of Electric Vehicles
EV ownership comes with numerous financial benefits for both individuals and businesses. If you’re interested in acquiring an electric vehicle, get in touch with us today.
EV running cost
Hybrid and Electric vehicles have a lower running cost compared to vehicles which use fuel as the cost of charging an EV is lower than the cost of petrol or diesel. Also, electric vehicles have fewer components which need maintenance, meaning service, maintenance and repair costs are lower when compared to petrol or diesel alternatives.
Find out more about the cost of charging an EV below.
Benefits from the Government
Along with lower day-to-day advantages, there are some incentives, brought in by the government, which make electric and hybrid vehicles attractive to individuals and businesses.
Additionally, having a fully electric car means a large reduction in several taxes. For example, they are zero-rated for Vehicle Excise Duty (VED) meaning purchasing an EV will result in not having to pay for road tax.
Furthermore, all-electric and hybrid cars have a reduced benefit-in-kind (BIK) tax. Fully electric vehicles have a 0% BIK tax for the 2020/21 financial year, increasing to 1% in FY 21/22 and 2% in FY 22/23. Plug-in hybrids have a BIK of 2% to 14% depending on the electric range.
Also, head over to the official Government website to estimate and compare different company car taxes, if you’d like to find out more about how EV’s and PHEV’s can help reduce business costs, get in touch with us.
There are currently a few grants which the Government is offering to people looking to purchase a low-emissions vehicle. These include a discount on the price if the vehicle and a grant for the vehicle charger.
The Government is currently offering a grant of up to £3,000 for anyone purchasing a new approved low-emissions vehicle. All types of businesses can benefit from these government schemes as the categories include:
- Large vans and trucks
Commuting Electric Vehicle Advantages
Additionally, EV’s and PHEV’s will also benefit individuals and businesses who are frequently driving in city centres. For example, vehicles that product up to 75 g/km CO2 are eligible for the ‘Cleaner Vehicle Discount’ in London. This means that instead of paying the £11.50 per day Congestion Charge, vehicles will just need to pay a £10 annual registration fee, potentially saving over £2,000 per year. From October 2021, the discount will only be eligible for fully electric vehicles. Find out more about the Cleaner Vehicle Discount.
Furthermore, London isn’t the only city where having a low-emission vehicle can be a benefit. Oxford is looking to implement their Zero Emission Zone in 2021 which would see vehicles pay £10 a day (rising to £20 a day in 2025) unless they are fully electric. Also, other cities will also be introducing their own clean air zones in the upcoming years, such as York and Manchester.
Other Benefits of Going Electric
There are plenty more benefits to becoming an EV owner, below are just a few of them. For instance, you can find out more about Electric Vehicle Infrastructure here
- Chargepoints are commonplace in towns
- Rapid charge points on motorways
- Rapid charge points: 100 miles range/30 min charge (we say 80% in under an hour – but depends on where they have sourced their info from)
- Ensures companies contribute less to air pollution
- Part of a company’s Corporate Environmental Responsibility Plan
If you’d like to find out more around how the benefits of electric vehicle ownership can help you, get in touch with our expert team today.
To view comparisons between mid-range cars that illustrate how an electric vehicle can save you money after tax over a typical three year period, versus a petrol or diesel alternative please see our Why Go Electric? PDF.
Cost of Charging Your Vehicle
The cost of charging electric vehicles varies between home, work and public charging. For a typical electric car with a 60kWh battery and a 200-mile range:
- Charge at home: starting from £2.00
- Charge at work: most employers will install charge-points and offer free access during the day
- Charging at public locations: Public charge-points at supermarkets or car parks. These are often free to use during the duration of your stay
- Rapid charging: normally found at motorway service stations and typically cost £6.50 for a 30 min – 100-mile charge.
Get In Touch
At Ethos Asset Finance our experienced team delivers specialist financing solutions to businesses and individuals across the UK. With our green funding know-how, and access to industry-leading manufacturers developing some of the most advanced EVs in the UK, we can guide you on your journey to a greener future.
Here at Ethos, our customers receive more than just the expected service. We offer a uniquely experienced pair of hands, an ear for the very best rates and a head for even the most complex payment structures.
We enjoy creating a smooth, hassle-free process for our customers. At the cutting edge of today’s market, we take a traditional approach to lending working together with our customers and funders to reach an outcome that works for everyone.
It’s all about creating mutually satisfying experiences and good working relationships. As a result, that’s what we’ve built our business on.
Finally, between us we offer our customers over 50 years’ collective experience in asset financing, with an approach that tailors every deal to each customer’s exacting needs.