New employee benefit scheme makes electric cars more accessible

Tuesday, June 28, 2022 - 06:10
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After a successful beta where more than 100 UK businesses signed up, The Electric Car Scheme has announced its official launch.

The Electric Car Scheme helps companies to offer their staff access to savings of between 30-60% off the cost of leasing a new electric car. Similar to the Cycle to Work scheme, this high-demand employee benefit is a UK Government tax incentive and works via a salary sacrifice scheme.

Like the trend seen with the Cycle to Work scheme, demand is growing fast, showing that employees are now starting to expect their companies to provide salary sacrifice schemes to make switching to sustainable transportation more affordable.

Searches for employee benefits linked to electric cars have increased 5-fold over the last 12 months. The Electric Car Scheme, which is backed by Seedcamp and a number of leading UK private investors, has now fielded over 65,000 requests for cars since starting the beta and is now open to all UK companies.

The Electric Car Scheme is a no-cost service for companies, as the employee pays for the cost of the lease via a salary sacrifice. Once a company signs up to the service, The Electric Car Scheme helps the company roll-out the offering to its employees by explaining the benefits and process of the service. The Electric Car Scheme also supports the company’s employees select and order the best car lease for them.

With the government announcing targets for all companies to reach Net Zero, this scheme will go a long way in helping companies and their employees reach their sustainability targets in a much shorter timeframe.

Co-founder and CEO of The Electric Car Scheme, Thom Groot says: “Once companies understand that they can help their employees transition to an electric car, without taking on cost or risk, the scheme really clicks and starts to make sense.

With awareness of this benefit growing, employees are expecting their companies to help them access an electric car at a significantly more affordable cost to them.  As a country we need to transition to Net Zero as soon as possible. The first priority is tackling the emissions from our cars.

At The Electric Car Scheme, we are dedicated to making it a ‘no brainer’ decision for everyone to switch to driving electric, at an affordable cost.”

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