Financial technology company Spring Free EV announced the addition of ‘Free EV’ to its range of financing solutions. According to a statement, the launch will provide 2,000 delivery and rideshare drivers access to affordable electric vehicles by bringing the upfront costs down through a pay-per-mile model with no monthly loan or lease payments.
Free EV by Spring Free EV will offer drivers rates starting at 30 cents per mile. Free EV doesn’t require a lease payment, which can bring the upfront cost of a vehicle down to only a title and registration fee of $250 and a $1,000 refundable security deposit that can be applied toward the purchase of the vehicle.
“It’s well documented that transitioning car-sharing and ride-sharing fleets to electric vehicles would lead to significant reductions in carbon emissions, said Sunil Paul, co-founder and CEO of Spring Free EV. "But first, we need to make these vehicles accessible beyond the 1%. Even with the tax breaks and more affordable models coming to market, we need to get creative with how we can encourage the transition from gas to electric – Free EV is just one example of how we can speed up adoption.”