Over the past few years, electric vehicles have raced ahead of everyone’s expectations. They rose from 0.5% of new car sales in the US during 2015 to now over 5%; this number is projected to reach 50% by 2030, according to an ambitious target recently announced by President Biden. Currently, less than 1% of vehicles on the road in this country are electric, compared with 2.5% in Europe and China. But we’re catching up fast: domestic EV sales more than doubled from 2020 to 2021. And as EV sales continue to increase, the sales volume of fuel vehicles is projected to nosedive by 2024.
So the work necessary to prepare for this much-needed transition has just started lighting up the country. For example, Congress recently passed the first major federal funding program that focuses on nationwide EV charging infrastructure. This “NEVI” Program provides $5 billion over the next five years to build out a strategic EV charging network that’s publicly accessible and reliable. Similarly, more than 180 local governments have committed to 100% clean and renewable energy, while 361 electric utilities have set climate goals; many of these climate plans involve supporting Electric Vehicle Supply Equipment.
Why should your company go electric?
About 90% of all Fortune 500 companies work with the Greenhouse Gas Protocol to measure and reduce emissions, because they know this matters to their stakeholders. And this clearly hasn’t kept them from success! One of the best ways for them to scale back their carbon footprint is through electrifying their fleets and using workplace incentives like free charging stations to help their employees drive electric. The same considerations have kindled widespread interest in “ESG Standards” and other such popular benchmarks for evaluating business sustainability, like organic food labeling or corporate social responsibility commitments.
But before diving into the benefits of workplace amenities like charging stations, it’s important to understand what “Corporate Social Responsibility” and “Business Sustainability” mean. These terms have become an integral part of the modern business lexicon and landscape, but you can’t apply what you don’t understand!
- According to Investopedia, Corporate Social Responsibility refers to “a self-regulating business model that helps a company be socially accountable—to itself, its stakeholders, and the public. By practicing corporate social responsibility, also called corporate citizenship, companies can be conscious of the kind of impact they are having on all aspects of society including economic, social, and environmental.” In short, CSR pushes companies to help our society and our planet, instead of harming them. Businesses can act responsibly by investing in environmental causes, donating to relevant charities, or directly decreasing their carbon emissions.
- “Business Sustainability” means replacing the bottom line with three bottom lines: pursuing strategies which benefit not only profit, but also people and planet. This financial, social, and environmental concern is often called “the triple bottom line” and involves taking a more careful and long-term approach to business decision-making. Plus, paying back pays well, because this “triple bottom line” makes you a “triple threat” when it comes to branding, recruiting, and PR!
But there’s another kind of “triple threat” for businesses to consider these days: the increased scrutiny that companies face over environmental impact from employees, consumers, and the media. That’s one more reason why it’s crucial to not just produce high-quality products, but also to do so in socially conscious ways. Here are some solutions to help you reach your corporate sustainability goals.
Benefits of adding EVs
There are of course countless ways to have a savvy, green, socially-conscious corporate development strategy. But one of the best steps you can take along that path is installing Electric Vehicle Supply Equipment (EVSE). For instance, adding a Level Two Charging Station to your parking lot can bring many benefits:
- Reduce your carbon footprint: Helping employees give up their gas vehicles can seriously reduce the amount of “Scope 3” emissions your company must report as part of the GHG Protocol, and according to this CarMax survey over 70% of drivers would be more likely to buy a plug-in electric vehicle if their employer offered charging stations.
- Attract and retain the right kind of people: like talented employees and highly-rated tenants. According to this study of millennial professionals, over 80% would be more loyal to a company or landlord that helps them socially and environmentally contribute, and over 60% consider their social and environmental commitments before joining.
- Establish your authority as a socially-conscious brand: Environmentally-committed potential customers are looking for signs that you adhere to eco-conscious practices. For example, about 90% of consumers will be more loyal to and trusting of a company that supports social or environmental causes. Installing an EV charging station is just about the most visible way for you to clarify these values.
- Increase the long-term value of your most valuable assets: Stay ahead of regulations that require new or existing real estate to offer EV charging. You can also earn LEED certification points while enhancing your corporate image! Note that many commercial properties are eligible for utility and state EVSE incentives, which can cover most, if not all, of the hardware and installation costs for workplace charging units.
How to go electric
Are you ready to make EV charging your competitive advantage? Adding EV charging stations is one easy way to pursue sustainability, and it benefits your business across the board. Reach out to us today to learn how Enel X Way can help you leverage incentives to cost-effectively implement chargers in your business operations. Enel X Way has already helped over 3,000 business customers across more than 10,000 sites in North America find the best energy solutions for their properties. We’ve also helped many companies electrify their corporate fleets. You could be next!
Now is the perfect time to consider including investments in electric vehicles and EV charging infrastructure in your sustainability strategy. The potential benefits from these technologies are well worth it, on everything from environmental impact to savvy corporate development. These include:
- Faster charging: Employees spend less time waiting for their EV to charge, freeing stations for more users.
- Easy access and payment control: See real-time charging status, control availability, manage energy load, view reports, and more.
- Easy installation: Whether wall-mounted or on a stand or pedestal, Enel X Way commercial EV chargers are easy to install and use with built-in cable management.
- Exceptional workplace charging experience: Our JuiceBox has been rated “Best EV Charger” by CNET, Popular Mechanics, Car & Driver, Road & Track, This Old House, and more!