1. Be an environmental leader
Encouraging staff to switch to EVs for their commute can lower your company’s carbon footprint and help meet sustainability goals. What’s more, as an ‘early adopter’ of workplace EV charging, you can establish your company as a responsible player in society – an environmental leader even – that potential employees will want to work for and customers will want to do business with.
2. Boost employee satisfaction
Employees will feel proud to work for an organisation that takes environmental care seriously – they will also appreciate the impact on their bank balance. Since last year employees benefit from income tax and national insurance tax reductions if they sacrifice salary in exchange for an EV as a benefit in kind (BIK). They are also exempt from paying tax on electricity used to charge their own EV at work as a different BIK.
3. Save on company car running costs
Zero emission vehicles valued less than £40k are exempt from Vehicle Excise Duty, electricity used to charge a plug-in vehicle attracts only 5% VAT compared to 20% for road fuels and no fuel duty is applied to EVs. Based on a four year tax period, this means a BMW i3 company car would cost £6k less to run than a Lexus CT 200h F-Sport. Meanwhile, a Nissan Leaf N-Connecta would cost £10,000 less. Applied over a fleet of company cars, these savings are huge.
4. Future-proof your facilities
E-Mobility is the future. The UK government has announced that it will ban petrol and diesel fuel car sales by 2040 and all major automotive manufacturers are electrifying their ranges. EV use will increase year on year so companies should ensure their off-street parking facilities are fit for purpose now and for the future.
5. Take advantage of the government subsidies
Right now the Office for Low Emission Vehicles (OLEV) is offering several subsidies and tax breaks for companies who introduce workplace charging for their employees. The Workplace Charging Scheme (WCS), for example, supports the upfront costs of the purchase and installation of EV charge points for eligible organisations with a contribution of £500 for each charge point for up to 20 units. At the same time, enhanced capital allowances (ECAs) enable a 100% write-off for the installation and equipment costs against corporation tax in the first year. These schemes are unlikely to be around forever as workplace charging develops from a ‘nice-to-have’ to a ‘must-have’ for all businesses.
For more information on Workplace charging, please visit: http://workplace-charging.actemium.co.uk/en/