In an era where environmental consciousness and sustainability stand at the forefront of our social priorities, novated leasing and eco-friendly vehicles are teaming up to revolutionize how we approach our daily commute.
By opting for a novated lease, drivers aren't just acquiring a new car; they're embracing a more transformative lifestyle that not only promotes financial sustainability but also joining a community that encourages the adoption of electric vehicles.
Novated leasing can have several environmental benefits, particularly when it comes to choosing eco-friendly vehicles. Here are some of the key advantages:
Promoting Sustainable Transportation
The Australian government at both state and federal levels are taking steps to make owning and driving an Electric car more affordable for Australian families with incentives.
The Electric Car Discount has been at the forefront of car buyer's minds, offering a Fringe Benefits Tax (FBT) exemption on electric and plug-in hybrid cars valued below the luxury car tax threshold for fuel efficient vehicles ($89,332 for 2023/24). This results in employers and employees saving thousands each year when driving an EV on a novated lease.
This provides an incentive for individuals to opt for more sustainable vehicles, leading to a reduction in the overall carbon footprint associated with personal transportation.
Reduced Air Pollution
Electric vehicles produce zero tailpipe emissions, meaning they do not release harmful pollutants into the atmosphere while you drive. This contributes towards better air quality and reduces the impact of transportation-related air pollution on public health.
Lower Greenhouse Gas Emissions
EVs produce lower emissions of carbon dioxide (CO2) compared to conventional vehicles, especially when charged using renewable energy sources. Helping mitigate climate change by reducing the overall carbon footprint of personal transportation.
Energy Efficiency and Resource Conservation
Electric motors are much more efficient at converting energy from their source (usually the electric grid) into motion compared to internal combustion engines. This leads to higher energy efficiency, especially when the electricity comes from renewable sources like solar or wind.
Additionally, EVs require fewer raw materials and resources to produce than traditional vehicles.
Encouraging Innovation and Technological Development
The increased demand for eco-friendly vehicles through novated leasing is stimulating innovation in the automotive industry. We've seen advancements in battery technology, charging infrastructure, and other aspects of sustainable transportation. The range of electric vehicles available in Australia has rapidly increased following the introduction of the Electric Car Discount.
It's important to note, the environmental benefits of novated leasing and eco-friendly vehicles are contingent on factors like the source of electricity used for charging (ideally from renewable sources), the manufacturing process of the vehicle, and the disposal and recycling of batteries at the end of their lifecycle.
If you're ready to join the EV-olution, contact Remunerator to learn how much you can save on your electric car with a novated lease.