Save thousands of pounds by driving an electric car
Octopus launches new electric car leasing company to unlock salary sacrifice for companies of all sizes
Octopus Electric Vehicles have just announced the launch of a new leasing service called Electric Dreams. It offers a 100 percent electric salary sacrifice scheme to save employees thousands as they switch to clean green driving.
Similar to the popular cycle-to-work scheme, employers can give their staff a highly valuable benefit that is also good for the planet. Drivers already signed up are saving an average of £14,445 over three years, by sacrificing some pre-tax salary in return for a brand new electric car.
The benefit is made possible due to incredibly low benefit-in-kind tax rates on electric cars. This is just one percent for tax year 2021-22, and two percent for the three years following.
Octopus has designed their scheme to be low effort and zero cost for a business to set up. Octopus experts will be available to help employees choose their cars and get set-up with charge points and electric vehicle energy tariffs. Plus, they will support the business with scheme documents, approvals and payroll.
Fiona Howarth, Octopus Electric Vehicles CEO, said: “Businesses and employees across the UK are searching for ways to do their bit for the environment. We have seen a seven-fold jump in salary sacrifice enquiries in the last year. If businesses in the UK introduce a scheme like this, they have the power to significantly reduce transport emissions across the UK by 2030.”
Already 15 companies are live on the scheme including Huel and Purplebricks, making it available to 1,491 employees across the UK. Businesses of all sizes are eligible for the Octopus Electric Vehicles scheme, in contrast to some schemes which are only available to large employers.
James McMaster, CEO at Huel, said: “We’re not the sort of company that would go with a traditional car scheme. Being able to offer something that promotes cleaner transport has been a real benefit to helping our team live our mission of a more sustainable world, they are amazed at what a brilliant deal this is.”
With over 30 cars that can travel over 100 miles (160km) on a single charge, drivers can choose from a Porsche to a Renault, a Jaguar to a KIA, a Polestar or even a Tesla Model S that can do 0-60mph (0-100kph) in just 2.1 seconds, which is quicker than a Bugatti.
Electric Dreams works by employees paying a single monthly sacrifice tax-free from their gross salary. Each employee who orders an electric car will then benefit from a fully insured and maintained vehicle and access to electric car specialists to help them through their journey with zero deposit or upfront costs.
Additional government and council incentives including grants and waived congestion fees. By driving electric user will have 90 percent lower ‘fuel’ costs compared to a petrol or diesel car
Drivers ordering before July will get a smart home charge point installed for free. And those with Octopus Energy will receive enough free renewable energy to drive 8,000 miles (12,875km), enough to power the average UK driver for a year.