Boost Your Business with EV Fleet Financial Benefits

Chase Drum
February 9, 2024
Switching your business' fleet of vehicles to electric can bring many benefits - not just financial ones. Here are some ways that EVs can help your business achieve higher productivity, increase operational efficiency, and improve profitability.
E-Truck Charging Station

EVs Offer Savings to Your Business

Moving business fleets away from combustion engines to EVs is a savvy business decision that can deliver quick and permanent benefits to companies. Once you’ve bought the right electric vehicles for your business, and taken advantage of all of the available incentives, it’s time to explore how your company can benefit immediately and long-term by integrating EVs into your fleet.

Probably the most well-known and talked about benefit among EV drivers is no longer needing to visit the local gas pump. Fuel expenses for fleets constitute a major portion of operational costs, and the benefits of electric cars are quickly seen on the balance sheet, with a significant reduction in fuel costs.

Electricity as a fuel source for vehicles is considerably cheaper than gasoline or diesel on a per-mile basis. Depending where you are in the country, the savings can be more drastic. In the Pacific Northwest, for example, power costs are low compared to the rest of the country due to affordable and clean hydro power – which a charge is both cheaper and cleaner than other parts of the country.

Even if the energy powering your fleet is not 100% clean, it's still a net positive for the environment and the grid is getting cleaner every day.

Car charging station with solar panels

Own EV Charging Stations and Achieve Energy Independence

Having predictable long-term costs is a huge advantage of going electric. Independence from price fluctuations at public or third-party fueling stations by having chargers at your business can lead to further cost reductions and increased convenience.

By installing charging infrastructure at your business, you can ensure that your fleet is always ready for deployment, reducing downtime due to charging and enhancing operational readiness. Your business can also help offset long-term costs by investing in a photovoltaic solar installation. Solar (which qualifies for many incentives itself), along with installing EV chargers, turns what would have been an operating expense into equity – and an investment in your building.

You can also save on charging costs if your electric utility has time-of-use rates. Time-of-use rates mean that energy is most expensive during peak use hours, and cheaper during low-use hours – incentivizing customers to shift when they use energy in exchange for savings. If you have chargers at your business, you can plan to save money by charging your fleet during off-peak hours. Many utilities in the country offer time-of-use rates specifically for EV charging.

Smart EV Charging is the Future

Additionally, with the advancements in smart charging technology, in the future your company can optimize and automate charging schedules based on utility rates, vehicle usage patterns, and energy demand, leading to further cost efficiencies.

There’s even the potential for large fleets of EVs to sell the stored energy in their batteries back to the grid when they're not in use. A common example is using the batteries in electric school buses while they’re sitting idle, to help the grid during the hot summer – and fill up your wallet. These incentives will vary by utility, and can typically be found on a utility’s website or by calling a utility customer service representative.

Woman charging her car by an office

Boost Productivity and Reduce Maintenance Costs

Switching to electric vehicles offers enhanced productivity in many ways. Because EVs can be charged overnight or during off-peak hours, each day begins with a full battery “tank” – no more stopping for gas on the way to an important meeting!

EVs are also cheaper to maintain compared to their internal combustion engine counterparts. Unlike gasoline engines, electric motors have fewer moving parts, which means less wear and tear. This translates to savings on routine maintenance like oil changes, engine repairs, and other common issues associated with traditional engines. Over the lifespan of the vehicle, these savings can be substantial, especially for large fleets.

Hardware maintenance isn’t the only way EVs save money. Electric cars have charged-up software for fleets as well. They include technologies that aid in fleet management and logistics, such as real-time tracking, diagnostics, and more efficient route planning. All of these operate in the background, saving time and increasing efficiency – and letting you and your employees focus on your business instead of your fleet.

Enhanced Brand Reputation and Environmental Stewardship

Savings and incentives aren’t the only way you’ll see more money in your business by investing in EVs. Being perceived as a “green company” can give your company an enhanced brand reputation – which translates to the green your CFO is interested in!

By adopting green technologies, your company can position itself as environmentally responsible, aligning with the values of modern consumers and partners who increasingly prefer to engage with sustainable brands. This shift can lead to increased customer loyalty, better brand perception, and even open up new market opportunities.

Brand positioning perks aside, the environmental benefits of EVs are clear – reduced greenhouse gas emissions and a smaller carbon footprint. For large companies, this can significantly contribute to your corporate social responsibility (CSR) goals and environmental targets, showcasing a commitment to combating climate change.

EVs Offer Long-Term Cost Savings and Scalability

While the initial investment in EVs and charging infrastructure may be higher than traditional vehicles, the long-term cost savings are significant. With lower operational and maintenance costs, the total cost of ownership for EVs is lower over the vehicle's lifespan than internal combustion engines.

As EV technology advances and economies of scale are realized, upfront costs are expected to decrease even further, making it even more financially viable for companies to continue to invest in electric fleets.

A sign by an electric car that says "Electric Vehicle Charging Only"

Switching to EV: A Compelling Financial Case

The transition to electric vehicles presents a compelling case for fleet buyers and companies of all sizes. By being proactive in how you buy an EV for your business, along with leveraging the operational efficiencies, cost savings, and environmental benefits of EVs, you can enhance operational capacity and contribute positively to environmental sustainability.

For many companies, the adoption of EVs in corporate fleets stands as a testament to a company’s commitment to innovation, efficiency, and corporate responsibility. In a world where consumers and stakeholders are increasingly conscious of environmental issues, a commitment to sustainability can bolster your company's reputation. At the very least, buying an EV for your business means less time in the shop – and more time on the road making money.