Today, the world is moving toward a sustainable future and corporations around the globe are doing their bit to reduce carbon emissions to turn either carbon neutral or carbon negative. A big part of this effort includes switching to more eco-friendly travel options, such as switching fleet leasing solutions to electric vehicles. Taking an electric-first corporate car lease not only helps companies meet their Environmental, Social, and Governance (ESG) goals but also reduces their overall fuel costs. 

These are probably the major reasons why there has been a rise in the adoption of EV cars, and fleets despite the high initial cost of setting up an electric vehicle fleet as well as the service and other operational expenses. It’s indeed only a matter of time before most companies shift from traditional fuel-based vehicles to electric ones. 

Economic benefits of electric vehicle fleets

Electric vehicles offer more than one economic benefit, especially when you choose a corporate car lease for your company. Here are some of the major ones:

· Lower operational cost: Electric vehicles have lower operational costs compared to their gasoline counterparts as they don’t have engines and gearboxes as well as several other complex parts. 

· Lower running cost: Electric vehicles run on electricity, which is cheaper than petrol, diesel or CNG for that matter. As a result, electric cars can travel further than gasoline vehicles for the same amount of money.

· Incentives: The central government as well as certain state governments offer subsidies for buying electric cars, which brings down the cost of buying a new vehicle. These incentives can range from tax rebates and grants to reduced registration fees.

Environmental impact

The environmental benefits of electric vehicles are many. Here are some of the top ones: 

· Reducing Pollution: EVs play a crucial role in reducing air pollution and carbon footprint as they don’t emit carbon dioxide or other harmful gases. 

· Helps corporates achieve carbon neutrality: Since EVs don’t emit and are environment-friendly, they help corporates achieve carbon neutrality. 

· CSR Impact: Corporations can invest in electric fleets as part of their corporate social responsibility (CSR) initiatives.

How corporate car leasing promotes electric vehicle adoption

Corporate car leases are directly or indirectly increasing the adoption of electric vehicles among corporations. Here’s how electric car leases make all the more sense now:

· Zero asset risk: Your company can opt for any of the electric vehicle fleet leasing solutions to enjoy a zero asset risk as the firm will only have to pay a monthly fee without worrying about depreciation or a complete loss of asset. 

· Easy financial management: Leasing lets you use a car without buying it outright. You don't need to pay a big amount of money at the start. The company that leases the car to you takes care of it for you. 

· Financial flexibility: Companies can decide the term for which they want to lease the car. The terms can range from a minimum of 12 months, with fleet leasing solutions providers giving the option of buying the car at the end of the tenure. 

· Tax benefits for employers: Car lease payments are usually considered as business expenses. The company shows these expenses as operational costs and thereby reduces its taxable company. 

· Tax benefits for employees: Leasing a car, especially an electric one, can offer salaried individuals significant tax savings by allowing the entire lease payment to be counted as an expense. This reduces your taxable income.

Conclusion

Electric vehicles are an attractive option for corporate car leasing as they provide several economic impacts as well as help in making the world a better place. If you or your company want a car lease solution, you can visit Quiklyz by Mahindra Finance. The car leasing and subscription platform has multiple electric car lease solutions, including an option to choose from more than 10 electric vehicles available in the market. It provides lease tenure flexibility of 24-60 months with the option to continue, upgrade, return and buy.