New EV Leasing Company Launches in UK

An electric vehicle leasing company has unveiled a new lease program dubbed Electric Dreams that will give employers the ability to lease out virtually any battery electric vehicle (“BEV”) to their employees through salary sacrifice schemes. The service, which will be provided by EV leasing provider Octopus Electric Vehicles, will allow employees to sacrifice part of their tax-free salary in exchange for a fully electric vehicle of their choice.

By taking advantage of the low Benefit in Kind tax rates that are currently charged on electric vehicles, Electric Dreams claims that drivers who have already signed up are saving an average of £14,445 ($19,867) over a three-year period. Charged at 1% from 2021–22 and at 2% for the next three years, the Benefit in Kind tax for EVs is low compared to the 25%–35% levied on internal combustion engine vehicles. Electric Dreams is open to businesses of all sizes, the company says, especially the smaller ones with fewer than 1,000 employees that would have otherwise struggled or been unable to access such EV leasing schemes due to the costs.

Businesses that opt into the program will have access to more than 30 electric vehicle models with a driving range of over 100 miles, with 21 more EV models coming later in the year. Before launching Electric Dreams, Octopus Electric Vehicles had been providing salary sacrifice and acting as a middleman for other leasing companies for the past year. As such, 141 companies are currently signed up with its salary sacrifice schemes, making the Electric Dreams program available to 22,298 employees. At the moment, 15 companies with a total of 1,491 employees across the UK have opted into the EV leasing scheme.

On top of leasing out more than 30 EV models using its salary sacrifice scheme, Electric Dreams will also provide smart workplace and home chargers, smart energy tariffs to help both employers and employees keep their respective power bills low, as well as expert advice on how to get the most out of green energy and electric vehicles. Octopus Electric Vehicles will also awardthat employees who have signed up with Octopus Energy, its UK-based subsidiary which supplies sustainably sourced electricity and gas, with enough clean energy to travel 8,000 miles.

Tesla Inc. (NASDAQ: TSLA) is still the most popular electric vehicle on the scheme, with most people going for the Model 3, followed by Nissan, and Audi. Octopus EV also leases EVs from KIA, Polestar, Mercedes, Porsche, and Volkswagen.

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