EV charging can have a hugely positive impact on your business, bringing benefits to both you, your employees and the environment. At Elmtronics, we supply electric car charging points for businesses all over the country and are passionate about driving the future forward. If you are interested in installing charging points and improving the sustainability of your business, here are a few benefits to consider:
One of the biggest benefits of workplace EV charging is the huge saving on running costs. An electric vehicle is much cheaper to run compared to a standard internal combustion vehicle, helping you to manage a more cost-effective business fleet. See the table below for a full breakdown on the savings you could make by switching to electric.
Introducing workplace EV charging stations is a cost-effective way to retain and actively support your employees. It’s also a great way to encourage a sustainable message across your business. Employees can save up to £2,000 a year approximately in petrol or diesel costs, simply by switching to electric and having access to charging facilities at work. If you provide charging services to your employees for free, the cost of providing the electricity is around £150 approximately a year per employee.
Employees that purchase a company car can also benefit from as low as 7% benefit-in-kind tax for a fully electric vehicle, as opposed to 20% for a typical petrol or diesel car. A car with an average value of £25,000 can potentially save employees up to £3,750 in tax payment over the life of the vehicle.
Tax advantages and starting a sustainable business fleet
Purchasing electric vehicles in your fleet makes your business eligible for ‘Enhanced Capital Allowances’. This significantly increases the amount of allowance you can write down against taxable profits each year. Businesses can also claim 100% allowance on the acquisition of workplace charging points. This allowance terminates on 31 March 2023 for Corporation Tax purposes and 5 April 2023 for Income Tax purposes. Visit HMRC for more information.
Implementing electric vehicles also helps your business achieve your environmental targets. With workplace car charging, your business can dramatically reduce CO² emissions and the amount of carbon tax paid on those emissions.
Encourage a sustainable message
Having workplace charging and a fleet of electric vehicles will help improve your business image to both your employees and customers. By being proactive and contributing to a more eco-friendly environment, you will be seen as a business leader in sustainability.