With fuel prices rising, businesses are seeking more sustainable and economical solutions—and turning to electric vehicles (EVs).
While the expense of EVs used to be a prohibitive factor, breakthroughs in engineering in the past few years have made the technology cheaper and more accessible. Although the upfront cost for EVs has tended to be higher than internal combustion engine (ICE) vehicles, Bloomberg NEF calculates that an EV will be cheaper to buy than an ICE vehicle within five years.
Now is a great time for companies to look at shifting to an electric fleet for several reasons.
Save money on maintenance
EVs are less costly to maintain than ICE vehicles—fewer moving parts mean fewer places to break down. There’s no engine, timing belts, spark plugs, and no need for oil changes or transmission fluid. Plus, regenerative braking means less wear on brake pads, resulting in a longer lifespan.
Cut fuel costs
Even in regions where electricity prices are higher than the national average, it’s cheaper to refuel an EV with 100 miles of charge than to add the same range to a gas car. Stronger regulations on electricity markets also mean prices fluctuate less, allowing for more accurate forecasting of operating expenses.
Earn tax credits and financial savings
In addition to savings on maintenance and fuel, EV buyers can earn tax credits and rebates from city, state, and federal government incentives. For select plug-in hybrid and all-electric vehicles, federal tax credits up to $7500 are available.
Meet sustainability goals
Companies are taking environmental impact seriously, with “being socially and environmentally responsible” now a top-three priority. Businesses that take sustainability into account often see positive impacts on their reputation, customer loyalty, and employee satisfaction and retention.
Transitioning to an EV fleet
New Eagle’s electric vehicle engineering services can help you evaluate your potential for electrification—and then help you develop a new EV or convert existing vehicles to hybrid or electric. Our reliable, customized vehicle control units make electrification easier and more affordable for a broader set of fleets.