Your Co-op Energy launches electric vehicle salary sacrifice scheme

The society says the scheme offers a way to meet the high costs of electric cars and also offers tax savings

Your Co-op Energy has launched an electric vehicle salary sacrifice scheme, in a bid to help businesses drive the change towards reducing their carbon footprint and making electric vehicles more accessible and affordable for employees.

The scheme, run by Midcounties Co-op’s utilities arm in partnership with Octopus Electric, offers tax savings of up to 40%, and will help offset the government’s National Insurance increase due in April 2022.

The Electric Dreams offer is the first from a UK co-operative, and allows businesses to lease an EV for their employees, who then sacrifice a portion of their salary for the vehicle, with no upfront costs.

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

The society is also highlighting its Community Power tariff, which offers electricity entirely produced from local community generation projects, as a way to ensure that “each vehicle delivered via the scheme can be powered by the most sustainable energy sources available in the UK, with any profits generated reinvested back into community benefit initiatives or new renewable energy generation“.

Lizzie Hieron, chief operating officer, 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.”

Natalia Peralta Silverstone, head of propositions at Octopus Electric Vehicles, says: “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*

“We are thrilled to see Midcounties 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.”

Any business interested in signing up to the scheme is invited to call 0800 458 7929 or email  [email protected] to speak to a Your Co-op Energy EV specialist.