Octopus Electric Vehicles launches EV leasing service


Octopus Electric Vehicles has launched an EV leasing service which offers a salary sacrifice scheme to businesses of all sizes.

Electric Dreams – which is similar to the cycle-to-work scheme – allows staff to pay for a new EV from their gross salary, saving thousands of pounds on both national insurance and income tax.

In return for a single monthly sacrifice tax-free, each employee benefits from a fully insured and maintained EV.

Drivers ordering before July can also receive a free smart home charge point, installed by the Octopus Energy Services team.

If taking home energy from Octopus Energy, drivers will also receive enough free renewable electricity to drive 8,000 miles.

A total of 15 companies are already live on the scheme, including Huel and Purplebricks, making it available to 1,491 employees across the UK.

It is supported by Tesla, Polestar and Jaguar; Close Brothers for financing; Lloyd Latchford for Insurance; and the AA for breakdown and recovery.

The benefit is made possible due to low Benefit in Kind (BiK) tax rates on electric cars, which is just 1% for tax year 2021-22, and 2% for the three years following.

Octopus Electric Vehicles has seen a seven fold jump in salary sacrifice enquiries in the last year and more than 100 new enquiries every week.

Fiona Howarth, CEO of Octopus Electric Vehicles, said, “Businesses and employees across the UK are searching for ways to do their bit for the environment.

“We have seen a seven-fold jump in salary sacrifice enquiries in the last year. If businesses in the UK introduce a scheme like this, they have the power to significantly reduce transport emissions across the UK by 2030.”

James McMaster, CEO at Huel, added, “We’re not the sort of company that would go with a traditional car scheme. Being able to offer something that promotes cleaner transport has been a real benefit to helping our team live our mission of a more sustainable world – they are amazed at what a brilliant deal this is.”


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