As sustainability becomes a priority for many businesses, it is important for Small Medium Enterprises (SMEs) to incorporate environmentally friendly initiatives into their operational strategies. One increasingly popular method is introducing electric vehicles (EVs) into company fleets. However, the high upfront costs of purchasing these vehicles outright may seem prohibitive. That’s where electric lease deals come in. This article aims to shed light on how SMEs could harness potentials of leasing electric vehicles to bolster sustainability and boost their bottom line.
Understanding Electric Lease Deals
SMEs can access electric vehicles without the hefty upfront costs typically associated with outright purchases through electric lease deals. This approach offers a lower financial risk for businesses looking to transition from traditional to electric vehicles. Leasing also ensures regular upgrades to the latest EV models, allowing companies to benefit from cutting-edge technology and improved performance. In addition to promoting sustainability, this strategy enhances a company’s green credentials, which are a valuable asset in today’s business environment.
Reducing Operational Costs
Opting for an electric vehicle lease can significantly reduce operational costs. Besides avoiding high purchase costs, EVs run on electricity, a far cheaper and more sustainable source of energy, which drastically lowers fuel expenditure. Maintenance costs for EVs are also considerably less than their combustion counterparts due to fewer moving parts. These cost savings can go a long way in boosting SMEs’ operational efficiency.
Improving Corporate Sustainability
Adopting electric lease deals as part of your business strategy makes a clear statement about your company’s commitment to sustainability. This not only helps you achieve environmental targets but also enhances your brand reputation. These days, customers, suppliers, and investors are increasingly considering a company’s environmental footprint before engaging with them. Therefore, a green fleet can visibly demonstrate your company’s commitment to a sustainable future.
Driving Employee Engagement
Getting your employees onboard electric vehicles can increase their engagement with your company’s sustainability initiatives, contributing to a more environment-conscious work culture. For employees who commute, EVs offer a cleaner option, while drivers of company cars will benefit from the substantial reduction in Benefit in Kind (BIK) tax, further making electric lease deals an attractive proposition for both the company and its employees.
Accessing Governmental Incentives
Leasing electric vehicles can also give SMEs access to various governmental incentives. For instance, the UK government is offering grants and tax relief schemes to spur the adoption of EVs, like the Plug-in Car Grant and reduced rates of Vehicle Exercise Duty. These incentives can considerably lower the cost of EV lease deals, making it even more cost-effective for SMEs to make the sustainable leap.
Get Ahead of Future Regulations
The UK government has pledged that by 2030, all new cars and vans will be effectively zero-emission. This has major implications for businesses, which may be required to drastically alter their fleet in the coming years. By choosing to lease vehicles now, you are not only future-proofing your business but also position your SME as a forward-thinking and responsible entity.
Conclusion
While the initial move towards electric vehicles may seem daunting, exploring electric lease deals can provide a viable and cost-effective pathway for your SME. Aside from the financial benefits, this decision marks a pivotal step in crafting a sustainable business, engaging employees, and aligning with societal expectations and future regulations. Transitioning to a green fleet may very well be the sustainable business practice that sets your SME apart from the competition.
