Your Co-op Energy launches EV salary sacrifice scheme

Your Co-op Energy has launched a new electric vehicle (EV) salary sacrifice scheme in partnership with Octopus Electric Vehicles.

The new salary sacrifice offer aims to help businesses drive the change towards reducing their carbon footprint and making EVs more accessible and affordable for employees.

With tax savings of up to 40%, this salary sacrifice scheme not only protects the environment but helps offset the government’s National Insurance increase due in April 2022, says Octopus.

Lizzie Hieron, chief operating officer at Your Co-op Business Solutions, said: “We know that increasing the number of electric vehicles on our roads can have a huge impact in reducing emissions and helping to tackle climate change, but for many people the upfront costs of purchasing or leasing a car themselves are too high.

“That’s why we’ve introduced our electric vehicle salary sacrifice scheme, in partnership with Octopus Electric Vehicles, which will open up the opportunity for eco-conscious businesses to allow their employees to lease an EV in a far more affordable way.”

The scheme, called Electric Dreams, is the first to be offered by a co-operative in the UK. Businesses are able to lease an EV for their employees, who then sacrifice a portion of their salary for the vehicle, with no upfront costs.

The deduction covers the monthly cost of a new electric car, as well as insurance, servicing, maintenance, repairs, MOT, tax, tyres and road assistance, over an agreed term and mileage.

Natalia Peralta Silverstone, head of propositions at Octopus Electric Vehicles, said: “Our salary sacrifice scheme for electric vehicles is a zero set-up cost tool to help businesses fight climate change whilst offering an excellent benefit to their employees.

“If just 10% of the UK’s employees switched to electric, we could decimate the CO2 emissions of cars, while collectively saving almost £4bn per year.”

She added: “We are thrilled to see The Midcounties Co-operative and Your Co-op Business Solutions at the forefront of this green revolution, partnering with us to offer  Electric Dreams to their employees and clients, helping them switch to electric and lead more sustainable lifestyles.”

In May, Fiona Howarth, chief executive officer at Octopus Electric Vehicles, told Fleet News that it could bring something new to the market after launching the salary sacrifice product.

“We want to make a big difference and we want to help a lot of people get into electric cars,” she said. “If we’re not doing it in high volumes, we’re not doing it right.”

There is no risk fleet target for the fledgling business, but Howarth would expect to be knocking on the door of the FN50, with 500-plus cars being funded, within the next couple of years.

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