LoveElectric is a UK-based company specialising in electric vehicle (EV) salary sacrifice schemes, aiming to make EVs more accessible and affordable for both employees and employers. Their offerings include a package that allows employees to lease brand-new or used electric cars through a salary sacrifice arrangement, resulting in significant tax savings and reduced monthly costs. The scheme encompasses vehicle leasing, maintenance, insurance, and breakdown cover, providing a hassle-free experience for users.

Main Benefits for Employees

1. All-Inclusive Leasing Package: The scheme includes comprehensive insurance, maintenance, servicing, tyre replacement, and breakdown cover, all bundled into a single monthly payment. This eliminates unexpected expenses and simplifies budgeting for employees.
2. No Upfront Costs: Employees can access a new or used electric vehicle without the need for a deposit, lowering the barrier to entry for EV ownership.
3. Environmental Impact: Driving an electric vehicle reduces carbon emissions, allowing employees to contribute positively to environmental sustainability and align with eco-friendly values.
4. Convenience and Flexibility: LoveElectric offers a user-friendly online platform where employees can browse available vehicles, obtain quotes, and manage their lease agreements, providing a seamless and transparent experience.

Main Benefits for Employers

1. Cost Neutrality: The scheme is designed to be cost-neutral for employers. Any administrative fees are typically offset by the employer's National Insurance savings, ensuring no additional financial burden.
2. Corporate Social Responsibility (CSR): By promoting the use of electric vehicles, employers can demonstrate a commitment to sustainability and reducing their carbon footprint, enhancing their CSR profile.
3. Simplified Administration: LoveElectric manages the setup and ongoing administration of the scheme, reducing the workload for HR and finance departments and ensuring compliance with relevant regulations.
4. Risk Mitigation: The scheme includes protections against unexpected costs, such as early termination due to an employee leaving the company, safeguarding employers from unforeseen expenses.

Special Features

1. Comprehensive Risk Mitigation: LoveElectric offers a robust Risk Mitigation Cadence, protecting businesses against unexpected costs associated with early termination or changes in employee circumstances.
2. Ethical Business Practices: As a pending B Corporation, LoveElectric commits 10% of its profits to charity and green initiatives, reflecting a dedication to ethical business operations and environmental sustainability.
3. Transparent Pricing: LoveElectric operates with total transparency, providing fixed commission structures and inclusive monthly pricing without hidden fees, ensuring clarity for both employers and employees.
4. Tailored Solutions: The scheme is designed to fit modern companies offering best-in-class benefits, with a dedicated company portal that simplifies management for HR and finance teams.
5. Extensive Vehicle Selection: Employees have access to a wide range of electric vehicles, including both new and used options, catering to diverse preferences and budgets.

In summary, LoveElectric's EV salary sacrifice scheme provides a cost-effective, environmentally friendly, and convenient solution for both employees and employers. By facilitating access to electric vehicles through tax-efficient leasing arrangements, LoveElectric supports the transition to sustainable transportation while delivering tangible financial and operational benefits.