We are looking forward to a busy and exciting year helping more and more customers achieve their green dream by switching to electric vehicles and renewable energy.
Our new electric vehicle and renewable energy division, Credo Eco Finance, is already seeing an upswing in inquiries with a record number of EV proposals in November.
Government incentives to encourage people and businesses to go green are playing a big part in decision-making and boosting the market. And the ban on the sale of new petrol and diesel cars in the UK has come forward to 2030 with new plug-in hybrids from 2035.
Business development manager Michael Seago said: “I can only see 2021 as improving on 2020.
“People are now deciding the time has come to go for electric cars now the timescale has come forward.”
Battery-only EV registrations in the UK last year were 185.9% up on 2019 at 108,205 units. And the surge is set to continue this year
“We are receiving more inquiries now than ever before and I can’t see it going the other way.
“So many new models are now coming out and the technology has advanced. Electric vehicles now have much better ranges and more charging points are being installed.”
Even so, most electric vehicles are charged at home or business premises and we can also help with charging options.
Prices of EVs still remain a barrier for some drivers but this year will also see more affordable models reach the market, partly driven by economies of scale of increased production and some manufacturers sharing development costs and the technology itself.
But Michael urged potential EV buyers to consider the whole-life costs of running one rather than just the purchase price.
There are savings to be made by going electric including:
- Electric charging costs considerably less to cover the same distance than diesel or petrol.
- Government grants available.
- Huge savings in BIK (benefit-in-kind) tax for company car drivers.
- The enhanced 100% first-year allowance (FYA) now available for buying zero-emission cars and goods vehicles until April 2025. This is on top of the increased annual investment allowance (AIA) of £1m, instead of £200,000, until the end of 2021. Writing down allowances (WDAs) may be claimed instead.
More demand for electric vehicles boosting used demand and helping residual values means more scope for leasing and personal contract purchase (PCP) finance packages on electric vehicles from independent lenders. Currently hire purchase (HP) is the option for those looking for a monthly payment plan.
“Towards the end of last year we saw a significant rise in interest in EVs and I am very positive about 2021,” said Michael.
Credo Eco Finance also sources finance packages for renewable energy projects. Renewable energy options have had wide appeal for longer than electric vehicles so that market is not seeing the same growth.
That said, Michael sees some spin-off from the uptake in EVs as some new owners also move to renewable energy to be more eco-friendly and further reduce their charging costs by generating their own electricity.
So 2021 promises to be an exciting and rewarding year for Credo Eco Finance as it helps customers achieve their green dreams.
You can contact Michael Seago on 01603 381955 or email sales@credoassetfinance.com
