Electric Vehicle Scheme
Launching 10 February 2025
Be part of our Electric Revolution
Loughborough University are proud to offer the 100% electric salary sacrifice scheme from Octopus Electric Vehicles which is available from 10 February 2025. We are providing this information now so that you can find out more about how the scheme works before the launch.
Please note: The quote tool for Loughborough University will appear here on 10 February.
How does it work?
Octopus Electric Vehicles has been chosen as our provider for competitive electric vehicle leasing with exclusive rates for you with their salary sacrifice scheme.
Octopus Electric Vehicles’ salary sacrifice scheme provides the whole package. You get everything to drive electric, from the car, charger, energy, insurance, servicing, maintenance, breakdown and tyres.
It is like cycle-to-work but for electric cars. Loughborough University leases the car on your behalf, and you get a brand-new electric car through work as a benefit. It is paid for through your gross monthly pay meaning you save on income tax and National Insurance.
All contracts are based on lease agreements, giving you the flexibility to choose the terms length and mileage. This also means you can upgrade your car to a new model once your lease comes to an end.
For all salary sacrifice orders, Octopus Electric Vehicles will install a free home charger for people with off-street parking. Plus, if you switch your home electricity to Octopus Energy, you will get 4,000 free miles of home charging.*
No off-street parking? No problem. Octopus Energy will throw in 4,000 miles of public charging on the Electroverse*
How much can I save?
The amount you save depends on the car’s cost and your income tax bracket. On average people can save between 30-40%.
Am I eligible for the scheme?
You will have had to pass your probation before participating in the scheme, you will need to be permanently employed, and meet the earning threshold for the vehicle you would like. This means that once all salary deductions have been made from your salary (not just this scheme) your salary won't fall below Living Wage. You can't have more than 6 points on your licence or any at-fault claims or Category A convictions within the past 3 years.
Is it affordable for me?
We’re committed to supporting all employees in their journey towards being more sustainable whilst also offering a wide and competitive rewards and benefits package at Loughborough, no matter their role, salary or grade. Our goal is to ensure fairness and accessibility through a wide variety of employee offerings available. Being able to access nearly new vehicles as well as brand new electric vehicles and regular special offers, means that this benefit becomes affordable for a greater number of our employees. You’ll be able to view the vehicles that are available to you through the Quote Tool.
Purchasing a new or nearly new electric vehicle through a salary sacrifice scheme is a fantastic way to make the transition to electric driving in a cost effective way. It is important that you are fully aware of the impact a salary sacrifice arrangement could have on your personal finances. It is recommended that you seek independent financial advice before joining the scheme to understand exactly what this means for you.
Information on Nearly New
Octopus Electric Vehicles have recently set up their Nearly New offering.
You can find out more information on Nearly New and book a call with the team here. You can find all the T&Cs on Nearly New here
Further Information
Click here for FAQs
