The financial benefits of electrifying your business fleet
Research shows that a company's progress toward sustainable operations can have a positive impact on financial performance. Perhaps this is why we're seeing businesses of all sizes around Chicagoland prioritize incremental changes that demonstrate a commitment to sustainability.
Nowhere is this focus shift toward energy efficiency more accessible than in a company's use of vehicles for daily operations. According to the state of Illinois, transportation is the most significant source of greenhouse gas emissions in the state.
The good news is that transitioning to electric vehicles (EVs) is achievable for business of all sizes and across all industries. The transition to electric vehicles won't happen overnight, but it's smart to start preparing now. Below are several reasons why it makes sense to consider electrification for your business fleet.
Incentives
Illinois is quickly becoming a hub for electric vehicle investment and adoption, with tens of thousands of electric vehicles already on the road across the suburbs. Part of this adoption is due to the existence of state and federal incentives for EV customers.
In Illinois, rolling rebates of up to $4,000 have been made available for the purchase of electric vehicles, while at the federal level, many customers are eligible to receive up to $7,500 in tax credits as part of the Inflation Reduction Act. While the availability of these incentive programs can vary, they represent a tremendous cost-saving opportunity for businesses looking to replace gas-powered vehicles over the next several years.
Cost of ownership
Integrating an electric vehicle into your business fleet can reduce the ongoing cost of ownership substantially. Particularly for regional businesses whose fleet vehicles serve customers primarily in the Chicago area, EVs can be less expensive to power than vehicles with internal combustion engines, where fuel prices dictate much of the ownership costs.
Most electric vehicles can be fully charged overnight using a 220-volt outlet that can be easily installed (if it doesn't already exist) in a business owner's home or office garage. And, if your fleet includes a Ford F-150 Lightning, it comes equipped with an integrated generator that could power your home or business for up to three days.
The best part is, your fleet leaves your business each morning with a full charge, enabling your team members to focus on what matters most: serving your customers.
Reputation and loyalty
Transitioning to electric vehicles can jump-start a company's sustainability strategy, which is increasingly important to both customers and team members. Today's business owners are looking for ways to reduce their own carbon footprints beyond the four walls of their businesses, with many conducting sustainability audits to identify areas for improvement across their supply chains.
Having a demonstrable commitment to sustainability can be a deciding factor in winning new business and maintaining existing contracts. Additionally, from an internal perspective, surveys show that employees are more likely to want to work for a company that is environmentally conscious, which can help build loyalty and increase retention.
Chicagoland Ford dealers recognize that an electrified future is only possible through an investment in our local workforce. That's why they have partnered with the Ford Fund to launch a $1 million scholarship to grow the pipeline of qualified automotive technicians who will help meet today's demand while preparing for an electrified future.
Available immediately to students across Illinois, the Ford Auto Tech Scholarship will foster diversity and reduce barriers by helping cover the cost of tuition and attendance in automotive programs in more than a dozen Illinois colleges and technical schools. Students can apply before June 30 at www.techforce.org/fordfund.
Whether your company utilizes a single vehicle or a fleet of hundreds, electrification can create measurable value for your company while demonstrating your commitment to the environment and future generations who will build their businesses right here in Chicagoland.
• Dave Mason is the Ford Service Performance Manager for the Chicago Region.