Electric vehicles have seen increased demand in the past few years as governments around the world strive to eliminate carbon emissions and reduce their reliance on fossil fuels. Powered by a rechargeable battery pack, electric vehicles (“EVs”) run on clean energy and produce zero emissions at the tailpipe, making them the perfect driver for a carbon-neutral economy. However, EVs make a small percentage of new cars sold primarily due to the high upfront costs associated with purchasing a new energy vehicle.
Thanks to a novel subscription service in the United Kingdom, drivers will be able to try out an electric vehicle without having to part with thousands of dollars. Similar to popular streaming giant Netflix, this service offers a variety of electric vehicles to drivers on a monthly subscription basis. With companies offering a variety of monthly subscription packages, including bike subscription services, why wouldn’t companies do the same with electric vehicles?
Battery electric vehicles are cheaper to fuel and maintain over the long run, and their battery packs allow them to act as stationary power storage solutions when the need arises. But since most of them are pretty expensive, many drivers who would love to go green have been essentially locked out, creating the perfect opportunity for companies offering electric vehicles on a monthly subscription basis. For instance, EV subscription service Onto will rent out a Renault Zoe 135 with 190 miles of range for £389 ($542) without an upfront deposit.
The subscription will renew itself each month, as Netflix does, until the subscriber stops paying for the service. The monthly fee will also cover the insurance, servicing and maintenance costs, the London congestion charge registration, and the breakdown cover. Additionally, the monthly fee allows them free access to around 11,000 public EV charging stations. Onto expects to grow its fleet of vehicles to 2,300 by the end of this month, and after that, it plans to double its fleet every three months through the year.
Customers will use a smartphone app to access the service. They will have to be 25 to 85 years old with a driver’s license that has less than six penalty points within the past three years. Prospective drivers will also be turned away if they were the cause of more than one accident in the past three years. If a potential customer passes the company’s checks, it will deliver the EV of your choice to your home within 72 hours for £49.50 ($69.15).
Customers can also drive the Jaguar I-Pace for £1,299 ($1,813.69) a month and the Tesla Model 3 at £799 ($1,115.89) for the standard model and £999 ($1,395) a month for the long-range version. According to analysts, this monthly subscription service is a great way for drivers to experience electric vehicles without making a massive financial commitment.
The rapid growth seen in the electric vehicle and clean energy sector in general has attracted lots of attention from the investment community. Clean Power Capital Corp. (CSE: MOVE) (FWB: 2K6A) (OTC: MOTNF), for example, has invested heavily in setting up hydrogen fuel cell stations at existing truck stops and gas stations in order to make this form of clean energy more accessible to North American motorists whose vehicles run on this fuel.
NOTE TO INVESTORS: The latest news and updates relating to Clean Power Capital Corp. (CSE: MOVE) (FWB: 2K6A) (OTC: MOTNF) are available in the company’s newsroom at https://ibn.fm/MOTNF
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