- Choose £400 home charging credit, £400 off a home charger or £400 Electroverse credit
- Compatible with Octopus Energy's smart EV tariffs
- Approved Used vehicles available
- Early termination protection built into every lease
Here’s a summary of Loveelectric’s key features, benefits and drawbacks of their EV Salary Sacrifice Scheme:
| Company Base | Founded in 2021 by Steve and Lyndsey Tigar |
| Specialisation | Salary Sacrifice Schemes for businesses |
| Pros | – Fair early termination protection – Specialised salary sacrifice provider – Flexible and comprehensive service – Transparent pricing – Pending B-Corp status – Wide EV availability |
| Cons | – Limited eligibility for businesses – No free public charging |
| Eligibility Requirements | Business Eligibility – Operational for at least one year – Generating profits with a strong balance sheet (over £500k net worth) – Over 20 employees Employee Eligibility – Permanent employee aged 18-65 – Salary above minimum wage after deductions – Employer must participate in the scheme |
| Contract Type | Salary Sacrifice Lease |
| Minimum Term | 12 months (can cancel after 3 months with a 1-month fee) |
| Early Termination Details | Options include transferring lease to a colleague, new employer, or someone in Loveelectric’s network; otherwise, a one-month rental fee applies |
| Deposit Required | No deposit |
| Public Charging Network | None; discount on Hypervolt home chargers available |
| Number of Models Available | Every EV on the market (via access to 300 dealers) |
| Whats Included | Maintenance, servicing, MOT, breakdown assistance, replacement tyres and glass, optional comprehensive insurance |
| Car Purchase Option | None |
| Customer Support Options | Email: [email protected] |
| Delivery Cost | Free |
| Lead Time | Sign-up process in as little as 7 days; delivery within 1-2 days if the car is within 50-100 miles |
| Pricing Structure | No Setup Cost Free for employers Administration Fee 3% of employee’s gross rental, deducted from employer’s NIC savings Commission-Based Revenue 2% of P11D value of the car, factored into online prices |
Loveelectric Salary Sacrifice EV Scheme
Loveelectric deals with ALL of your organisation’s administrative tasks, this service is particularly beneficial to smaller businesses looking to take on salary sacrifice (as they may not have the resources to manage the admin in-house).
Key Benefits and Drawbacks
Pros:
- Fair early termination protection
- Specializsd salary sacrifice provider
- Flexible and comprehensive service
- Transparent pricing
- Pending B-Corp status
- Wide EV availability
Cons:
- Limited eligibility for businesses
- No free public charging
Eligibility Criteria
Business Eligibility:
- Minimum operational period of one year
- Must be generating profits with a strong balance sheet (over £500k net worth)
- Must have over 20 employees
Employee Eligibility:
- Must be a permanent employee aged 18-65
- Salary must remain above the minimum wage after the gross salary sacrifice is deducted
- Employees can only join if their employer is part of the scheme
Contract and Early Termination Protection
Loveelectric offers a flexible 12-month minimum term with a cancellation option after 3 months, subject to a one-month fee. If employment ends during the lease term, Loveelectric provides several options to transfer the lease.
Pricing Structure
Loveelectric’s pricing structure is designed for transparency:
- No Setup Cost
Free for employers to set up the scheme. - Administration Fee
3% of the employee’s gross rental, averaging around £20 per month per car, deducted from the employer’s NIC savings, making it cost-neutral for the company. - Commission-Based Revenue
Charges 2% of the P11D value of the car, factored into online prices to avoid hidden fees.
Charging Benefits
While there is no free public charging network, Loveelectric offers a significant discount on Hypervolt home chargers, which can be added during the EV order checkout process.
Vehicle Options and Inclusions
Loveelectric provides access to every EV on the market through a network of over 300 dealers. The comprehensive package includes maintenance, servicing, MOT, breakdown assistance, replacement tyres, and glass. Optional comprehensive insurance can be added during checkout.
Car Purchase Option
There is no option to purchase the vehicle at the end of the lease term.
Customer Support
Loveelectric offers customer support via email at [email protected]. There is no phone support listed on their website.
Lead Time and Delivery Cost
The sign-up process can be completed in as little as 7 days. For vehicles within 50-100 miles, delivery can be arranged within 1-2 days, and there are no delivery fees.
What Loveelectric Does Well
Industry Experts
Expert in salary sacrifice schemes, providing a cost-neutral option for businesses.
Flexible and Comprehensive Service
Includes maintenance, servicing, MOT, and more, with optional insurance.
Transparent Pricing and Ethics
Pending B-Corp status and commitment to social and environmental responsibility.
Wide EV Availability
An extensive network of over 300 dealers ensures a diverse range of EVs.
Fair Early Termination Protection
Offers multiple options to transfer the lease, with minimal fees if necessary.
Where Loveelectric Falls Short
Limited Business Eligibility
Requires businesses to be operational for at least one year and generating profits, limiting availability.
No Free Public Charging
Lacks free public charging options, though home charging discounts are available.
What Electric Cars Does Loveelectric Salary Sacrifice Offer?
Loveelectric provides access to every EV on the market through its extensive network of over 300 dealers, ensuring customers can find the perfect EV for their needs.
How to Apply for Loveelectric Salary Sacrifice
For Businesses:
- Eligibility Checker: Use the tool on Loveelectric’s website to determine suitability.
- Provide Company Details: Enter your company name and follow instructions if eligible.
- Employee Access: Employees get access to the Loveelectric web app for ordering and driver suitability checks.
- Order Approval: Employer representative signs off the order, and delivery details are confirmed.
For Employees:
- Speak to Your Employer: Discuss the benefits of Loveelectric and suggest signing up for the scheme.
- Refer Your Employer: If your company isn’t part of the scheme, refer them through Loveelectric’s form.