Bike to Work Scheme

Understanding Ireland's Cycle to Work Scheme: A Path to Savings and Sustainability

What is the Cycle to Work Scheme?

The Cycle to Work Scheme is a government initiative in Ireland designed to encourage employees to cycle to work by offering tax savings on the purchase of bicycles and cycling equipment. This scheme is not only an excellent way to promote a healthier lifestyle and reduce carbon emissions, but it also provides significant financial benefits.

How Does the Cycle to Work Scheme Work?

Under the Bike to Work Scheme, employees can buy a bicycle or cycling equipment through their employer and pay for it through salary deductions. This benefits the employee as the cost of the bike is deducted from your gross salary, which reduces the amount of income tax and social insurance you pay. Ultimately, you can save up to 52% of the cost of the bike, depending on your tax bracket. The scheme allows for a maximum purchase of up to €1,250 for a standard bicycle and up to €1,500 for an e-bike

Key Benefits of the Scheme:

Tax Savings: Save between 31% and 52% on the cost of a bike.

Flexible Payments: Spread the cost over up to 12 months.

Health and Environmental Benefits: Cycling to work improves physical fitness and contributes to reducing your carbon footprint.

Why Buy a Refurbished Bike or E-Bike with refurbed?

While the Cycle to Work Scheme already offers significant savings, opting for a refurbished bike or e-bike from refurbed can drastically further enhance those benefits. refurbed bikes are professionally reconditioned and offer up to 60% savings compared to buying new; when purchased in collaboration with the scheme. This means that, when purchasing a refurbed Bike with the Cycle to Work Scheme, you can secure an even more substantial financial advantage.

Additional Savings with Refurbished Bikes:

Cost-Effective: In general, buying refurbished bikes can be up to 40% cheaper than new ones; but with the Bike to Work scheme can be up to 60% cheaper!

Sustainability: By choosing a refurbished bike, you're making a more sustainable choice. Refurbishing extends the life of existing products, reducing the need for new manufacturing and conserving resources.

Quality Assurance: Every refurbed product is meticulously checked, cleaned, and restored to like-new condition, ensuring you get a bike that’s both reliable and high-quality.

How Big Are Your Savings with the Bike to Work Scheme?

Let’s break down the potential savings when you choose a refurbished e-bike with the Bike to Work Scheme. Suppose the original price of a new e-bike is €1,500. A refurbished e-bike on refurbed could cost around €900. If you then apply the Bike to Work Scheme’s tax savings (up to 52%), the total cost could drop to approximately €432. That’s a fraction of the original price of a new e-bike, offering unparalleled value.

Conclusion: The Smart, Sustainable Choice

The Cycle to Work Scheme is a fantastic opportunity for employees in Ireland to save money and promote a healthier, more eco-friendly lifestyle. By opting for a refurbished bike or e-bike from refurbed, you can maximise your savings and contribute to a more sustainable future. With the combined benefits of the scheme and the affordability of refurbed products, there has never been a better time to start cycling to work.