Launching on 1 October 2021, loveelectric, the new ethical fintech, makes low-cost electric car leasing a reality for employers and their workforce through ‘Drive Change’, a major campaign to massively boost electric car take-up.
- In 2030 the government will ban all new petrol and diesel cars, but loveelectric passionately believes the time to switch to electric is now.
- As part of its Drive Change campaign, loveelectric has set a target to help 10,000 employees switch to electric in the next 18 months, collectively saving them £100 million, the equivalent of £250 per month each.
- The company is making its new electric car leasing scheme free to UK employers – it runs in a similar way as the popular ‘Cycle to Work’ scheme.
- The loveelectric scheme operates as a ‘salary sacrifice’ employee benefit. The employee gives up a small part of their salary in exchange for a brand new, fully electric car. The salary sacrifice is deducted from their gross salary so the employee will pay less Income Tax and National Insurance (NI) and the employer will reduce their National Insurance Contributions (NICs) bill.
- Employees are given access to a live quotation site which makes all the salary sacrifice calculations for them and lets them order the new electric vehicle of their choice.
- loveelectric helps the employer to amend employee contracts and payroll and provides support to ensure salary deductions are made in an HMRC-compliant way.
- loveelectric searches the entire electric vehicle (EV) market to secure the best possible deal. Employees can select from around 200 EVs – from compact city cars to luxury SUVs. Cars include Nissan Leaf at £159 pm and Tesla Model 3 at £265 pm – halving the usual cost.
- loveelectric will plough 10% of its annual profits into positive-impact climate charities, like Asthma UK and other cleaner air campaigns.
loveelectric is launching a new electric car scheme that works as hard for the motorist’s pocket as it does for the environment.
More and more, UK drivers say they want to switch to electric, especially with the current pressure in fuel prices. loveelectric halves the cost of their dream electric car.
For example, Jane, a higher rate taxpayer, earns £60,000 a year. She chooses a Tesla Model 3 with a lease term of 48 months and agreed mileage of 5,000 miles. The standard lease price would be £524 per month, but the loveelectric lease price and salary sacrifice brings the cost down to £267 per month – a highly affordable route to drive an electric car.
Companies which participate in the scheme can help their employees drive away with anything from a Vauxhall Corsa-e, Tesla, Renault Zoe, BMW i3, Hyundai Ioniq, Kia e-Niro, Honda e, to even a Porsche Taycan, with no deposit and there are no additional costs for maintenance, servicing, and breakdown cover.
loveelectric eliminates the hassle of traditional company car schemes. Its platform allows employees to handle the simple leasing process themselves.
Any business that has been trading profitably for two years or more can sign up free to enable their staff to enjoy the benefits. Their new car can be for personal or business use.
The company was founded by entrepreneur, Steve Tigar (pictured), formerly CEO of Money Dashboard, the UK’s first and award-winning personal finance app.
He comments: “We want to see electric cars become the norm and easily accessible for everyone.
“A leased car from loveelectric costs around half the price of one which is taken out by an individual person leasing direct. There is zero-cost for employers, and we assist them at every step.
“I believe organisations can be a force for good which is why we’re in the process of becoming a B Corp. It’s about making a difference, and with the climate emergency, we all need to make that difference right now.
“We want to support all businesses to empower their staff to make the switch to electric. Our Drive Change campaign is designed to raise awareness of the difference electric cars make compared to those which run on petrol and diesel. We are committed to helping thousands of employees switch in the next 18 months, collectively saving them millions.
“In addition to the monetary savings, the benefit to the environment is priceless. Our loveelectric.cars app will show the emissions we reduce and the money we save, together.
“Why wait until 2030? It’s time to switch now. Reducing our carbon tyre-print is the biggest way the average person can make a real difference.”
