DriveElectric, a trailblazer in electric vehicle (EV) leasing since 2008, is expanding its diverse array of services with the introduction of a salary sacrifice program. This innovative solution facilitates significant cost savings for employees and provides an enticing incentive for employers. Boasting an unrivaled wealth of experience in EVs and charging solutions, DriveElectric supports this initiative with extensive expertise and dedicated customer support teams.
Why It Matters
The introduction of the salary sacrifice program is a significant step in promoting the transition to electric vehicles. The scheme enables employees to save up to 40% on an electric vehicle by substituting a portion of their salary. Consequently, this reduces their income tax and national insurance (NIC) liabilities, along with their employer’s NIC obligations. This program even allows employees to switch to a new EV without any upfront payment while enjoying reduced vehicle running costs.
- The salary sacrifice scheme results in substantial savings for employees and employers. For example, a 40% taxpayer can save up to £260 per month on a Tesla Model Y or £319 per month on a Porsche Taycan through salary sacrifice, compared to personal leasing.
- DriveElectric assists organizations in promoting the salary sacrifice scheme, offering EV test drive events and a secure portal for ordering, managing, and tracking their EVs.
- The company’s comprehensive service includes expert HR, policy, and tax support, managing the entire process from start to finish.
- DriveElectric can also supply home chargers, which can be included in the salary sacrifice package, and offers support with solutions for workplace charging, solar, vehicle to grid, and energy management and optimization via their sister company, CrowdCharge.
Salary sacrifice not only offers appealing benefits for employees but also enables employers to attract, reward, and retain the best talent. According to Mike Potter, Managing Director of DriveElectric, “Bringing down the monthly cost of electric cars helps more drivers switch to EVs, reduces vehicle running costs, and helps employers offer attractive benefits. Reducing emissions also accelerates an organization’s progress to Net Zero.” This initiative, backed by DriveElectric’s 15 years of EV expertise, further strengthens the company’s commitment to helping organizations and individuals transition to low-carbon energy, thus advancing their progress toward a sustainable future.