Many people have been switching to electric cars in recent times, but is this something that you should consider as a business owner? You will find that there are a number of financial benefits to switching to an electric car for your company (along with other benefits) and there are now many excellent models to choose from. So, how can an EV save your business money? Read on to find out.
Eliminate Fuel Costs
The most obvious way that EVs save you money is by eliminating the need to buy fuel. In a time when the cost of fuel is skyrocketing and showing no sign of slowing down anytime soon, switching to an EV is a smart and proactive approach that will protect your business from further price rises and operating expenses. If your employees spend a lot of time behind the wheel, then you will find an EV to be a smart financial investment that will help you to make significant long-term savings. This will make even more sense for public services who rely on tax funding to operate. The police and other public services could save millions if not billions down the line.
Tax Benefits
There are also tax incentives to switching to an electric car. You do not have to pay VED on zero-emission vehicles, plus there are also tax benefits in terms of benefit-in-kind tax rates. Businesses that use an EV will pay 1% BIK in 2021/2022 and 2% in 2022/2023, 2023/2024 and 2024/2025.
Other Benefits
You will find that there are also a handful of other benefits to switching to an electric. The plug-in car and van grant has been extended to 2022/2023, which will help companies to make savings when making the switch to an electric car. There is also much greater availability now, so it should not be too hard to find a suitable electric car for your business and leasing an electric model could be a good option.
Of course, an electric car is also a highly effective way to reduce your environmental impact and this is something that all businesses should be doing in 2022. This is an important social responsibility as a business, but you will also find that reducing your environmental impact is an effective way to improve brand reputation in a time when consumers are becoming increasingly selective of the brand that they use. This means that you could even attract and retain more customers when you make the switch to an electric car.
As you can see, there are many financial and other benefits of switching to an electric company car. It is a smart financial move to make right now and could help to save your company a lot of money in the long run, plus it is also an effective way to reduce your impact and develop a positive reputation. There are now many different models to choose from and both the battery technology and charging infrastructure are improving, so now is a great time for companies to make the switch.
