The Juice is Worth the Squeeze: Financial Benefits of Providing EV Charging Stations for Employees
5 Apr 2023 • 8 mins to read
Electric Vehicles (EVs) have begun to revolutionize the transportation industry. As the world moves towards a greener future and we begin to transition from fossil-fuels to electric power, it is critical for companies to embrace this change. Providing employees with EV charging stations at the workplace can offer several financial benefits to the company while also promoting green practices.
If you are still on the fence about making the switch, here’s everything you need to know about the financial advantages of providing EV charging stations for your employees.
The Facts and Figures
- By 2040, it is expected that 55% of new car sales will be electric vehicles (EVs).
- In 2019, there were only 1 million EVs globally, but by 2030 it is projected there will be 125 million. This massive increase in electric cars is happening now and businesses need to accommodate this change.
- Nearly 80% of employees said they would be more inclined to purchase an Electric Vehicle (EV) if charging was available at their place of work.
The Financial Benefits of Providing EV Charging Stations
- Tax Credits: Businesses that provide EV charging stations to employees are eligible for various tax credits. These credits can help offset the expenses incurred on the initial investment.
- Cost Savings: EV charging stations at work can be offered at a discounted rate that is more affordable than charging your vehicle at home or at public stations. This can help employees save money and promote a greener future by reducing emissions.
- Increased Employee Retention: Providing EV charging stations can attract and retain top talent that values sustainability and convenience. These employees are more likely to be satisfied with their workplace and are less likely to consider leaving for a more environmentally-friendly company.
- Better Public Image: Incorporating greener practices in business’ operations can enhance the company’s image and reputation as a socially responsible organization- this is especially important as more and more consumers become eco-conscious.
- Points towards LEED certification: If you are pursuing LEED certification, installing EV charging stations can earn credits towards the certification.
Providing EV charging stations to employees is a cornerstone of green practice and a financially sound decision at the same time. It can help reduce operating expenses and improve your image and the quality of your workplace. As more companies embrace EV charging practices and the EV market continues to grow, it’s time to jump on the bandwagon and start offering these charging stations to your employees.
Energy5 provides end-to-end EV charging solutions for businesses
From incentives to funding, permits, installation and software, Energy5 is your trusted EVC partner.Request a callback