More than 80 percent of SMEs want to switch to EVs, could you be missing out?
You might think that rising electricity and vehicle costs mean now is not the time to make the transition to EVs.
Yet increasing numbers of SMEs are looking to switch to EVs in order to electrify their fleet and reduce emissions. Many small businesses aim to switch to electric vehicles in order to combat rising costs.
Reducing carbon footprint
According to SMMT, there are now 750,000 EVs now on the road in the UK across all sectors while car ownership has fallen for the second consecutive year showing the benefits of transitioning to EVs.
The use of EVs across businesses has significantly reduced carbon dioxide (CO2) emissions, as of May 2022, these were decreased by a total of 11 per cent from the previous year.
Financing the transition
With initiatives to reduce carbon footprint, banks such as NatWest provide funding to SMEs for electric vehicles. These ‘Green Loans’ allow businesses to finance their companies more sustainably.
Such initiatives provide up to £25,000 in order to support SMEs while also contributing to the nation’s efforts to reduce carbon emissions.
Company cars are taxed based on emissions and model. Hybrid cars are liable to vehicle tax between £0 – £135 per year subject to levels of CO2 emissions while pure electric cars are exempt from the vehicle tax, meaning it’s free to tax them.
Cars registered between 1 March 2001 and 31 March 2017, with CO2 emissions less than 100 g/km are exempt from vehicle tax.
By 2023, the Government aim to end the of sale of new petrol and diesel cars meaning an eventual transition to EVs is inevitable so you might as well make the switch now.
All electric cars offer cost benefits and reduced costs for SMEs long term. There are a wide range of grants and funding options available for making the transition to EVs ensuring use of greener transport is for businesses is feasible.
For advice on this and other topics, contact us today.
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