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Why it’s the right time to switch to electric?

ioniq 5 electric

Our petrol Tucson needs changing, obviously the next 1 is electric…

Yes, we could have gone part way and chosen a hybrid, which is like dipping your toe into a warm bath.

Full hybrids only provide circa 30 miles range on a full charge before the combustion engine kicks in, and this certainly won’t help in the fight against climate change.

As environmental activists (we’ve planted nearly 3000 trees) and a director of an electric car charge point installation business, it’s got to be a full electric.

But aren’t they so much more expense?


Prove it?

We’ve already taken delivery of a full electric Hyundai Kona as a pool car, it’s the one with the 300-mile range. We put no cash down and it’s costing us £295 plus vat a month.

As it’s all electric we can claim the vat back and the difference between electric cost and fuel cost is about £100 a month. So, in real terms it’s costing us £195 a month, which is cheaper than what we had.

Now let’s take the Tucson, which is costing about £300 a month, which we’re going to swap for the new Hyundai Ioniq 5 full electric with a range of circa 300 miles.

The Ioniq 5 with no cash down is costing £420 a month, but I do quite a few more miles than our pool car, meaning we’re saving circa £200 a month in fuel against electricity. So, in real terms the Ioniq 5 is costing £220 a month, which is an £80 monthly saving.

There are other tax benefits to be had for company car drivers and companies with fleets. The company car driver will pay much less benefit in kind tax (BIK), only 1% this year and 2% next year.

On full electric fleet cars, a company can also claim 100% tax relief on rentals and maintenance.

Another recent initiative is the electric car salary sacrifice scheme, which allows employees to pay for an electric car, by forgoing a portion of their gross salary.

The amount is deducted before tax and National Insurance contributions are applied, allowing them to use the amount they would have paid in tax and NI to part fund the vehicle.

Recently a customer told us the NHS operate a salary sacrifice scheme to allow their employees to purchase an electric vehicle in an affordable way.

The vehicle the lady had on the drive was worth well over £40K and came with a full Mercedes service and maintenance pack, which she wouldn’t normally have been able to afford.

We estimated the monthly fee on this kind of vehicle with the servicing etc would be circa £500 a month. But because of the salary sacrifice she’s paying circa £300 in real terms.

The salary sacrifice scheme has been designed so that employers can help their employees afford a new electric car through this tax-efficient payment method, and the company also benefits from reduced National Insurance contribution payments.

One last thing, if you’ve got a dedicated parking area, you could get a £350 charge point grant too.

…there’s never been a better time to switch to electric, and no queues at pumps either!


Alison Whitfield

News Categories
30 September 2021
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Electric Vehicle Homecharge Scheme

The scheme is currently open to applicants that:

  1. Rent their house or bungalow.
  2. Own or rent an apartment / flat.
  3. Are the landlord of a domestic rental property.
  4. Are a social housing provider.
  5. Has dedicated off-road parking at the property.
  6. Own or have ordered a qualifying vehicle.
  7. Have not previously claimed an OLEV grant.

Not sure if you are eligible?

Contact us to discuss your individual requirements.

Standard installation terms

  1. Fitting of an EV charger on a brick wall, or to another suitable permanent structure.
  2. Up to 10 metres of cable, run and neatly clipped to the wall between the electricity supply meter/distribution board and the charging unit.
  3. Supply meter/distribution board on the inside of an outside wall.
  4. Routing the cable through a drilled hole in a wall up to 500mm thick (if required).
  5. Fitting & testing of electrical connections & protections required for the EV charger.
  6. An additional three-way consumer unit (if required).
  7. Installation of a Type C MCB and a Type A RCD or a type A RCBO.
  8. No groundworks 

Not standard installation?

Contact us to discuss your individual requirements.