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New Electric Vehicle Funding Scheme
10 June 2019
Technology is a great tool for us interested in fleet vehicles and the general progression of the motor industry, and as many of us already know, it’s becoming more and more a reality that electric vehicles will soon be mainstream on UK’s roads. Companies who are eager to introduce a collection of electric vehicles (EVs) into their fleets but are put off by the huge overhead costs of these models and general concerns over infrastructure, can now access a new type of funding model provided to remove the risk and make these investments more affordable, especially for smaller businesses.
The institution responsible for this is Octopus Investments, who have launched a pay-on-use model which incorporates every element required to operate an electric vehicle within a fleet. This includes the cost of the vehicle itself, to the installation of charging points and even investments in local substation facilities to boost the overall grid capacity. This was first introduced as a pay-on-use products at Heathrow Airport in October 2018, whereby 25 Jaguar i-Pace cars under contract were taken on, with the potential for these to grow to 200.
This funding is based on a pence-per-mile fee which is calculated from the cost of the total investment, divided by the operating cycle and the anticipated annual mileage of the vehicle. The main purpose of this scheme is to support a move to clean and more environmentally-friendly transportation by facilitating the uptake of zero and ultra-low emission vehicles. This will be done through vehicles from full electric and hydrogen fuel cell to plug-in hybrid and compressed natural gas (CNG).
With the introduction of the Ultra-Low-Emission-Zone (ULEZ) in London, the team at Marshall Leasing is here to help with any of your enquiries during this time of change for the industry. We understand the importance of your fleet, and how the fuel type can affect the output of your vehicles in busy periods.
To find out more on how Marshall Leasing can help with all of your fleet requirements, please visit our dedicated ‘Fuel Benefit’ page here, or call us on 01480 414541.
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