On top of the tax benefits, EVs have become a popular solution to meeting ever-increasing environmental, social and governance (ESG) objectives. ESG targets have been placed at the forefront of businesses owners' priorities, as the growing threat of climate change and the social implications of the Covid-19 pandemic have become undeniable.
As the Net Zero deadline approaches and targets become more stringent, there may be more opportunities for SMEs to take advantage of incentives for adopting green energy solutions. EVs offer a way for businesses to take advantage of tax and financial incentives, whilst also staying ahead of the curve in terms of sustainability.
Over the past five years, rising fuel costs for petrol and diesel vehicles have encouraged some consumers to move towards EVs. There are free charging points available at many supermarkets and petrol stations, however as 2035 gets closer, there has been a move to attach a charging point to all new buildings. This move will remove the barriers currently in place for employers wanting to switch to electric company cars. Development of charging points and their compulsory addition to infrastructure in the future will mean that business owners will not face obstacles when switching their company cars to electric vehicles. This, however, is still in the initial stages, meaning there is ample time for businesses and individuals to make the change and switch to electric vehicles.
