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Sat, Jun

Research shows cost savings in switching to electric company cars

New research from iCompario has revealed that UK businesses could save £900+ p/a on fuel costs when switching a single company car to electric from petrol. Switching from a diesel model could save £775 per year. Even factoring in higher average leasing and insurance prices for EVs, many could save £460+ per year on day-to day-running costs shows the report.

The main barrier to switching has been concern about access to charging points, but  as over half (53%) of those surveyed reported that they already have access to one or more EV charge point at their workplace. Analysis indicates that to provide employees with enough ‘power’ each week for all their weekly mileage, a single standard charge point (7-22kWh) could service around 16 employees. 

Furthermore, the government’s Workplace Charging Scheme is incentivising the instalment of these by helping cover some of the cost - up to 75% of the charge point installation and £250 per socket, for up to 40 sockets.   

Kerry Fawcett, digital director at  iCompario said: “It’s clear that the current high fuel prices are altering perceptions and timescales when it comes to moving to ULEV models. Many ULEVs are exempt from road tax too, while those travelling through central London can save £15 per day on the congestion charge.  Overall, we estimated that on a per-vehicle basis, you could see a fairly conservative saving of £460+ per year. 

Furthermore, employees using the ‘Benefit in Kind’ scheme can profit from the lower tax rates which are locked in until 2025. We estimate that this averages out at around a tax saving of £2,100+ per year.”

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