In July, the Ontario government cancelled its electric vehicle incentives. Now, the rebates for EVs and charging stations are gone.
What does this mean for your fleet? Should you still invest in them?
In this blog, we’ll address these questions and identify three benefits of EVs, regardless of government incentives.
3 Benefits of EVs: With or Without Rebates
Benefit #1: Reduce Total Cost of Ownership
When it comes to overall operating costs, electric vehicles are clearly superior. The year-long 2013 Pollution Probe study found that EV operating costs are consistently lower than those of internal-combustion-powered vehicles. Why?
Eliminate Fuel costs
Whether you drive an all-electric vehicle or a hybrid, you’ll save big on fuel costs, especially if your fleet’s mileage is high. Considering how fuel costs are skyrocketing across the country, this could significantly affect your bottom line.
That's because the cost of electricity is only about one third that of gasoline. EVs are relatively pricey but, over time, they will pay for themselves.
To figure out your potential cost savings, check out the Natural Resources Canada Fuel Consumption Ratings, which provides data on annual fuel and energy costs for all diesel, gas, and electric vehicles available in Canada.
(Related post: How to Prepare Your Fleet for Electric Vehicles)
Save on Insurance
Insurance costs for electric vehicles are no higher than those for traditional vehicles. In fact, EV insurance premiums are often lower.
Many insurers across Canada offer "green" vehicle discounts. That's because EVs have statistically lower incidences of major collisions.
While gas-powered vehicles have hundreds of moving parts, all-electric vehicles have less than a dozen. This is one reason why EVs require less maintenance and fewer repairs than conventional cars. Imagine never needing an oil change, a fuel filter, a spark plug replacement, or an emissions check!
In addition, the brakes in EVs last longer because of regenerative braking, a process that recaptures a car's energy while it slows down. Interestingly, the engine runs in reverse mode, switching from driving to braking. Since drivers don’t need to stomp on the brakes, the brake pedals, pads, and rotors last longer.
(Related post: Key Insights from Canada’s Leading Expert in EV Adoption)
Benefit #2: Showcase Your Sustainability Commitment
Sustainability is a major selling point today. By featuring EVs in your fleet, you can show the world your commitment to the environment.
If your customers, prospects, and the general public see your drivers using electric vehicles, they will view your company as green and forward thinking. Your leadership in sustainability will enhance your brand—and boost your business.
Benefit #3: Recruit and Retain Like-Minded Hires
Did you know that EVs in your fleet can attract top like-minded employees?
If your business is committed to sustainability, you’ll want to hire environmentally conscious people who share your core values. By having EVs in your fleet, you will attract these very people.
An addition, having EVs in your fleet can help brand your company cutting edge, which will appeal to innovative and forward-thinking candidates. Always a plus for any business.
While the Ontario government's new policies are unfortunate, electronic vehicles still offer real benefits. In the long run, they'll save you money on fuel, insurance, and maintenance.
What's more, you'll stand out if your fleet includes EVs. By highlighting your green commitment, EVs can attract like-minded people—and become effective selling and recruiting tools.
Download our white paper - E-Fleets Are Coming: How Can You Plan for Change? It discusses the key benefits and challenges associated with EVs in-depth, and provides expert advice on key considerations to make before going electric.