Five reasons to transition to electric vehicles
In the U.S., the transport sector accounts for the largest proportion of carbon emissions (29%), which many experts believe is accelerating climate change. As we continue to make progress in decarbonizing the electricity supply, transportation is the next big sustainability challenge. Organizations can significantly contribute to the fight against climate change by making the switch to electric fleet vehicles, equipping workplaces with charging stations, or converting parking lots into EV-friendly spaces.
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However, the range of benefits for business extends beyond merely wanting to have a positive impact on the environment. Here, we explore five key reasons why organizations should consider and adopt electric vehicles.
1. Reduce costs and improve productivity
Switching to electric vehicles (EVs) can help companies lower the total cost of owning fleets, transportation networks, and public transport systems. By cutting down fuel expenses and tapping into government incentives and tax breaks, organizations can realize significant savings. This is particularly relevant with the recent 13.4% decline in EV prices over the last year, making many fleet vehicles increasingly viable and cost-effective options.
Maintenance costs are also lower as EVs are generally more reliable than traditional internal combustion engine (ICE) vehicles due to fewer mechanical components that can fail and often provide improved data for more proactive maintenance. Furthermore, by implementing charging at work, where charging occurs while staff are on duty, productivity can improve as fleet drivers start their day with fully charged vehicles, leading to savings across the entire organization.
2. Enhance your environmental credentials
To evolve into a more sustainable entity, cutting down your carbon footprint is critical. Over the next decade, adhering to environmental regulations or reaching self-imposed targets while addressing the expectations of customers and employees will require organizations to move beyond basic carbon reduction strategies like thermostat controls and using LED bulbs.
Installing EV charging infrastructure and transitioning fleets to electric vehicles allow businesses and public entities to play a credible role in reducing global greenhouse gas emissions and promoting wider adoption of electric vehicles in society. The importance of this role is increasingly acknowledged in the business community. Our Distributed Energy Future Trends report emphasized that being environmentally responsible is now a top priority for businesses, moving from 6th place to 3rd over the last few years.
Electric Vehicle Benefits and Considerations
All forms of electric vehicles (EVs) can assist in improving fuel economy, lowering fuel costs, and minimizing emissions.
Energy Security
The United States has emerged as a net exporter of petroleum, with exports surpassing imports. While imports of 8.32 million barrels per day are still vital for balancing supply and demand, the transportation sector constitutes about 30% of total U.S. energy needs and a significant 70% of petroleum consumption. Embracing more energy-efficient vehicles like hybrids and electrics plays a role in supporting the U.S. economy and diversifying the transportation fleet. Utilizing various energy sources to produce electricity adds to the security of energy supply for the electric vehicles segment. This ultimately contributes to enhancing our nation's energy stability.
Hybrid electric vehicles (HEVs) tend to use less fuel than their conventional counterparts by employing electric-drive technologies that boost efficiency, especially through regenerative braking. Both plug-in hybrid electric vehicles (PHEVs) and all-electric vehicles, also known as battery electric vehicles (BEVs), run solely on electricity produced in the U.S. from sources like natural gas, coal, nuclear energy, wind, hydropower, and solar power.
Costs
While energy costs for EVs are typically lower than those for comparable conventional vehicles, their purchase prices can be significantly higher. However, as production scales up and battery technologies advance, the initial costs are likely to equalize with traditional vehicles. Furthermore, initial expenses can be offset through fuel cost savings, federal tax credits, and various state and utility incentives. The federal Clean Vehicle Tax Credits aim to assist consumers, fleets, businesses, and tax-exempt entities investing in new, used, and commercial clean vehicles—including all-electric ones, PHEVs, fuel-cell EVs, and EV charging infrastructure. Interested in more information about Electric Toy Car Manufacturers? Feel free to reach out to us.
Utilize the Vehicle Cost Calculator to compare lifetime ownership costs between different electric and conventional vehicle models.
Fuel Economy
Electric vehicles can dramatically reduce fuel costs due to the high efficiency of their electric-drive components. As all-electric vehicles and PHEVs rely partially or completely on electric power, their fuel economy is measured differently from that of traditional vehicles. Metrics such as miles per gallon of gasoline equivalent (MPGe) and kilowatt-hours (kWh) per 100 miles are commonly used. Depending on driving patterns, contemporary light-duty all-electric vehicles can achieve over 130 MPGe and travel 100 miles consuming just 25–40 kWh.
HEVs typically deliver better fuel economy and experience lower fuel costs compared to similar conventional vehicles. For instance, the Toyota Corolla Hybrid boasts an EPA combined city-and-highway fuel economy estimate of 50 MPG, while the conventional Corolla (four-cylinder, automatic) is estimated at 35 MPG. Use the Find A Car tool on FuelEconomy.gov to compare the fuel economy ratings of various hybrid and conventional models.
The fuel economy of medium- and heavy-duty all-electric vehicles and PHEVs greatly relies on load carried and duty cycle, but in suitable applications, all-electric vehicles maintain a robust fuel-to-cost advantage over traditional counterparts.
Infrastructure Availability
All-electric vehicles and PHEVs enjoy the advantage of flexible charging, as the electric grid is conveniently located near most areas where vehicles are parked. To safely transfer energy from the grid to a vehicle's battery, an EV charging station, also called electric vehicle supply equipment (EVSE), is necessary. Drivers can charge their vehicles overnight at home, including in multifamily housing units, as well as at workplaces or public charging stations when available. PHEVs offer additional flexibility since they can refuel with gasoline or diesel when necessary.
Public charging stations are growing in number, though they aren't as prevalent as gas stations. Numerous entities, including charging equipment manufacturers, automakers, utilities, and government agencies, are rapidly developing a national network of public EV charging stations. The count of publicly accessible charging stations in the U.S. exceeded 53,000 in 2022, with over 137,000 charging ports available, according to the Alternative Fueling Station Locator. You can search for electric charging stations near you.
Emissions
Electric and hybrid vehicles provide significant emissions reduction benefits compared to traditional vehicles. All-electric vehicles produce zero tailpipe emissions, and PHEVs generate no emissions when operating in electric mode. HEV emissions benefits can vary based on the vehicle model and the type of hybrid power system.
The lifecycle emissions of an EV depend on the electricity source used for charging, which differs by location. In areas that rely on cleaner energy sources for electricity production, electric vehicles generally have a lifecycle emissions advantage over similarly sized conventional gasoline or diesel vehicles. Conversely, in regions heavily dependent on traditional electricity generation, EVs may not show as much benefit in terms of lifecycle emissions. Explore the Electricity Sources and Emissions Tool to compare emissions across vehicle types and states.
Batteries
The advanced batteries in electric vehicles are built for long endurance but will eventually wear out. Many EV manufacturers now offer warranties covering 8 years or 100,000 miles. Predictive analyses from the National Renewable Energy Laboratory suggest that current batteries can last between 12 to 15 years in moderate climates, and 8 to 12 years in extreme conditions. Factors such as climate, driving and charging habits, battery cell chemistry, and thermal management systems also affect battery longevity.
Check with your dealership for specific information regarding battery life and warranties for particular vehicle models. Although manufacturers have not provided replacement battery pricing, extended warranty programs are available through some brands. If batteries are required outside of warranty, it could represent a substantial expense; however, battery prices are expected to drop in line with ongoing improvements and increased production volumes.
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