SPREAD THE COST AND SAVE
E-Bike Cycle to Work Scheme
GREEN COMMUTE INITIATIVE
An electric bike offers huge benefits for commuters over public transport and cars, improving your lifestyle and saving you money.
Improved health, increased confidence and able to make longer commutes easier are just a few benefits you can enjoy.
However, we’re aware that they aren’t the cheapest to buy upfront.
That’s why we’ve partnered with Cycle to Work Scheme and the Green Commute Initiative (GCI) to help you spread the cost into monthly payments with discounts on the initial purchase price.
Please note, GCI is for Electric Bikes only. e-Mopeds and e-Scooters are excluded from the scheme.
Green Commute Eco-Initiative
How Cycle to Work Scheme Works
- Check on the Cyclesheme website or ask your employer if they are registered with the scheme.
- Get a quote from EcoMove for the bike and accessories that you require. View application form.
- Contact Cycle to Work Scheme with your quote.
- Come into our Bristol store with your certificate from Cycle to Work Scheme and we’ll put it into our system. You can also test ride a bike while you wait.
- Walkaway with your new electric bike and accessories.*
*This is where clever finance agreement restructuring comes in. You effectively hire the bike from GCI for 12 months, who then give you a free 5-year loan to extend the tax break. In effect, the bike is yours from day one but the paper-based status of the bike is what changes. Read up on that here.
Cycle to Work Scheme
|Price of MiRiDER e-bike||£1300|
|Net Price of Voucher Incl Discount||£884|
|Gross Salary Sacrifice (Per Month) Excl Discount||£108.33|
|Net Salary Sacrifice (Per Month) Incl Discount||£73.67|
This table only provides an estimate of your savings. Savings can vary depending on individual circumstances.
The new MiRiDER One has been carefully crafted to bring you the ultimate electric folding bike
The high quality 250w rear motor assists when pedalling up to 15.5 mph. There is a thumb throttle (up to 4 mph) and boost function up to (15.5 mph) for those steep hills or windy days. Performing superbly in any urban environment, the bike’s rear shock absorber and medium-width tyres provide a consistently comfortable ride that’s guaranteed to give you smiles for miles.
Please complete some basic information below and we will be in touch shortly with further information. We know you’ll love your new e-Bike. Please note, you’re welcome to visit our flagship store in Bristol to test it out on our internal track.
Can I Spend More than £1,000 Using Cycle to Work Scheme?
EcoMove are able to offer an unlimited value thanks to our membership with the Green Commute Initiative scheme (GCI).
Electric bikes under £1,000 can be unreliable and poor quality, and it is best to invest in a higher quality bike. The Green Commute Initiative opens funding above and beyond the Cycle to Work Scheme, and is far more suitable for electric bikes.
How does the Cycle to Work Scheme work?
With the Green Commute Initiative, to enable the over £1,000 salary sacrifice, they take on the responsibility of hiring the bike, not the employer. This benefits the user as there is no buy back required at the end of the agreement period.
Your Employer purchases a voucher for you to buy the bike with.
You can choose a payback period of your choosing for the salary sacrifice agreement. It's up to you and your employer what this repayment period is. 6, 12 and 24 months are most common but there is a lot of flexibility in the system. As soon as your employer has paid for the bike, we can arrange for delivery.
At the end of your 12 month hire agreement with GCI you will be offered, for free, a 5 year loan so that you don't need to pay over any more money with no Final Market Value charge to be paid.
The lack of end of scheme exit free allows the GCI to offer discounts of up a huge 47%, higher than any other salary sacrifice scheme
Green Commute Initiative is the only UK Cyclesheme to offer bikes with NO £1,000 limit which means that scheme participants can chose an E-bike (or a conventional bike).
Employees can save up to 47% (depending on their tax band) and employers can save up to 13.8%. GCI doesn’t have any end-of-scheme penalty fees, just a free-of-charge extended 5 year loan period with a £1 fee at end to transfer ownership title.
This gives you a far healthier budget to play with and buy a better bike than you might otherwise be able to afford.
For example, if you earn £25,000 and are spending £1,000 on a bike, after tax and insurance you would only have the equivalent of £680 to buy a bike with. Because GCI is applicable on the full taxed value of the bike, you receive £1,000 worth of bike but for £680.
What's included in the Cycle to Work Scheme?
Bikes, e-bikes, accessories, safety equipment, and clothing are all included in the scheme, meaning you can get everything you need for the commute ahead.
Am I Eligible for the Cycle to Work Scheme?
If you're a UK PAYE Taxpayer and your employer is willing, then you are eligible! It's as simple as that.
Those earning more than £46,000 will save 42% or more, and those under £46,000 will save 32%. You save on the full price of the bike.
Gross Income - Savings:
Under £46,000 - 32%
£46,000 to £150,000 - 42%
£150,000+ - 47%
For further information, please see the GCI website.
Can I use the Bike for something other than commuting?
Of course! You may be limited by the accessories you can buy, but no-one is going to be checking on your usage of the bike. There’s no limits on classification of bike either, so you could by an E-MTB or off road bike, as long as you also use it to commute.
Why consider an Electric Bike?
Electric Bikes offer several benefits over unassisted bikes, and both are eligible on the scheme:
Easier and Safer for beginners - Not ridden in a few years? Electric bikes take the strain out of pedalling and can get you up to traffic speed easier and quicker.
Quicker at traffic lights - Electric bikes help you get up to 15mph without assistance, meaning no stumbling at the lights
Easier hills, less sweat - The extra push up a hill can avoid you arriving at work in a pile of sweat
Still gives you exercise - They don’t do everything for you, and you’ll still need to pedal! You can still get that heart going but just at a more civilised pace.
Do I need Insurance / What if it is stolen?
If the bike is stolen, you’re still liable for the agreement and will be paying out. In this case, we highly recommend you get insurance as soon as possible for your bike, and make sure you lock it up securely. Accessories are available on the agreement too, so there’s no reason not to throw some in!
How much does Cycle to Work Scheme save?
Typically you can expect to save between 25 and 39%, depending on the finance package chosen.
Can self employed use Cycle to Work Scheme?
Sadly not! Because it requires an Employer to purchase the bike and deductions from a PAYE, it’s not currently possible for self employed individuals to take part.
Can you pay off Cycle to Work Scheme early?
It is not worth ending the Cycle to Work Scheme early, as you will not receive any contribution discount on your agreement. It may be best to contact Cycle to Work Scheme directly to discuss any situation in which you wish to end the agreement earlier than 12 months.
If you are made redundant or leave the job, then any remaining balance on the agreement will be taken from your NET final salary package.
Can you buy two bikes on the Cycle to Work Scheme?
Yes, you can, but you should be aware of the financial limits and it may require further justification from your employer. The two bikes you purchase should be for yourself individually and not for a spouse etc.
However, it may be that you wish to have 1 bike to ride to the train station, and another to complete the journey at the other end. This is possible, however both bikes would need to come out of the same financial agreement.
Instead we recommend considering a folding electric bike. This can be easier to justify to an employer while solving the problem of taking it on the tube, etc.
Does the Cycle to Work Scheme affect pensions?
Not at all. It is a separate agreement. Your pensionable earnings are calculated on Gross earnings and therefore not affected by the Cycle Scheme.
How long does Cycle to Work Scheme take?
We recommend having all the information you might need ready before applying. This includes all the details of the Bike, your budget, your payroll number and ideally the employer code.
Once approved, a certificate will usually take around 2 weeks.
What bikes are NOT eligible?
For it to be eligible, the bike must have pedals! Our electric Mopeds and Scooters are not eligible.
What is the Cyclesheme?
The Cycle to Work Scheme was introduced in 1999 in an attempt by the government to promote healthier lifestyles and journeys to work. The scheme is in effect salary sacrifice, where you are hiring a bike from your employer which you then buy at the end of the period. Hundreds of thousands of people have successfully and happily bought bikes on the scheme.
Due to the slightly higher price of electric bikes, it’s also become a popular way to get in on the rapidly increasing popularity of electric-assisted pedal bicycles (EAPCs). The rest of Europe loves them, so hop on!
The Cyclesheme Explained
The Cycle to Work Scheme works by your employer purchasing a bike on your behalf, with regular payments back to the value of the bike taken from your salary over a 12 month. At the end of this chosen period, you purchase the bike based on it’s FMV (Fair Market Value) which is dictated by HMRC.
This final value is often much less than the original retail value thanks to depreciation, giving you huge savings, usually around 25%.
Klarna allows our customers get the option to pay later or over time.
0% Interest for 4 Months when You Checkout with Paypal Credit.
EcoMove are a partner of Close Brothers who provide Moped Finance.
EcoMove has partnered with Trees for Cities who have planted over 1,000,000 urban trees in parks, streets, woodlands, schools, hospitals and housing estates since they started in 1993. EcoMove will plant one tree for every moped we sell which will bring real benefits to our cities, health and wellbeing.
Just remember when you buy one of our mopeds you will also plant a tree!