Electric bikes are incredibly useful but they are often more expensive than traditional pedal cycles. Fortunately, help is at hand from the Government-backed cycle to work scheme, via the Green Commute Initiative.
It helps reduce and spread the cost of electric bike ownership. You’ll save of up to 42% if you’re higher-rate earner!
Cycle to Work Schemes for Electric Bikes
Cycle to work schemes have been running for years but most place a limit of £1,000 on the electric bike you can buy.
June 2019 Update: Cycle to Work Scheme limit increase above £1,000
The government has agreed to increase the £1,000 limit on cycle to work schemes. With few electric bikes available below the previous £1,000 maximum, the Government’s new guidance allows employers’ schemes to provide e-bikes and equipment above this value.
This will mean that many more electric bikes will be available to purchase through bike schemes.
The Department for Transport announced that the changes are being made to promote the increased use of electric bikes and help tackle congestion, speed up commuting and cut travel costs. It will also contribute to the reduction of air pollution in towns and cities.
UK Cycling Minister Michael Ellis says:
“I want everyone to feel empowered to make cycling a part of their everyday lives, and our refreshed guidance provides many incentives to help people do this.”
Rob Howes, of the Green Commute Initiative used by 50cycles, adds:
“We think the electric bike has an enormous part to play and making it possible to get one using the popular Cycle to Work scheme is a step in the right direction by the Government.”
We have multiple clients who have given up their cars and swapped to e-bikes, and we have helped lots of people who now have a cargo bike instead of a second car.”
It is possible to pick up a new e-bike for £1,000 (or less) but it probably won’t be up to the task of transporting you to and from work every day. Bikes get a lot of wear and tear and some types of electric bikes are more resilient, more reliable and more comfortable than others. Cheaper electric bikes can sometimes look a little weird too.
The best electric bikes are reliable, quiet and hide their battery and motor very well – the casual observer might not even spot that your e-bike IS electrically-assisted.
Extra help from Green Commute Initiative
So what if your heart is set on an electric bike that costs more than the £1,000 cycle to work scheme ceiling?
Green Commute Initiative (GCI) offer cycle to work with no limit onthe cost of the e-bike you want to buy while still spreading the payments via salary sacrifice, saving you up to 42% of the price in reduced tax!
What you need to qualify
- UK Resident
- Must be employed and on PAYE (including directors & owners on PAYE & dividends)
- Minimum wage employees cannot sacrifice salary that takes them below the minimum
- No income tax is payable on the full price of the bike
- The Government help with the purchase of the bike
- You pay for the bike out of your monthly gross salary
- If you’re a lower rate taxpayer you’ll save 32%
- If you’re a higher rate taxpayer you’ll save 42%
- Quick to arrange and you can from 50cycles electric bikes with GCI
If you already own an electric bike this cycle to work scheme is great for upgrades as well, with no £1,000 limit to worry about.
Try GCI’s Savings Calculator
GCI’s handy calculator below displays savings based on the price of the bike and your income.
If you like how the numbers stack up, please contact us via our website or call 0333 900 5050 now and we’ll do the rest!
To learn more and to purchase a bike through the Green Commute Initiative, please call us on 0333 900 5050 or contact us via our Live Chat system or schedule a free call back