About EV Home Charging Point
This benefit allows your employees to have a charging point for electric vehicles installed at home.
Book a Free Consultation TodayWhy offer this benefit?
Biggest Annual Increase
2021 saw the biggest annual increase in the number of registrations of electric cars, with more than 395,000 battery-electric cars registered, showing a growth of 92% in 2020 and in 2022 one in five new cars registered was electric (carmagazine.co.uk September 2022).
Increased Demand
This has led to increased demand for home charging points, particularly as the installation of public charging points has not kept pace with the growth of electric vehicle sales and the practicalities of relying on public chargers for day-to-day use.
Helps Support Employers’
This benefit also helps support employers’ social responsibility policies by encouraging employees to switch to more environmentally friendly transport options (and depending on the price of electricity possible cheaper running costs – granted that electric cars currently tend to be more expensive than their petrol/diesel counterparts).
How it works
This benefit allows your employees to have a charging point for electric vehicles installed at home. The charger comes as standard with:
- 3-year warranty, Internal earth (no need for earth rod to be installed)
- Load balancing (also known as fuse-saver) to protect home power supply
- Wi-Fi and Charge Scheduling
Employees have two options to choose from Tethered and Untethered. Tethered EV chargers have a permanently attached charging cable and untethered chargers have a detachable charging cable.
Set-up requirements
Employer confirms they would like to make the benefit available to employees via the benefits platform. We would recommend you make this an Anytime Benefit as it helps to spread the impact on cash flow over the year.
How is it paid for?
The Employer pays for the charging point and the employee repays your business over twelve equal monthly deductions from salary. If the employee leaves during the repayment period any outstanding amount is recovered from the final salary (the employee retains the charging point).
Tax status
If operated through salary sacrifice then the employee saves NI at 8% or 2%, depending on their personal rate of tax and BIK charge applies (this is the most common approach). This benefit can also be facilitated as a Net deduction with no BIK (employee does not make NI savings).
