5 Reasons to Switch to Electric Vehicles for Your Business Operations
One of the biggest contributors of carbon emissions—and consequently, climate change—is the large number of petrol and diesel vehicles on the road. According to the National Climate Change Secretariat (NCCS), Singapore’s Land Transport system accounts for 15 percent of Singapore’s carbon emissions.
In an effort to combat this, the country aims to switch completely to clean energy vehicles by 2040. If you’re an entrepreneur based in SG who’s looking for corporate fleet vehicles to use for your business, you can support these greener efforts in the Lion City by switching to electric vehicles (or EVs) as early as now. Not only will switching provide a smoother transition as gas vehicles continue to be phased out; electric fleets may also offer plenty of benefits for your business.
Here are a few reasons to make the switch to EVs for your business operations:
1) You’ll Be Able to Reduce Costs
While purchase prices for electric vehicles can get pretty high, you will still be able to save on costs for your business in the long run. Electrical energy isn’t just cleaner than petrol or diesel fuel; it also boasts lower costs per kilometre. You can also save up on maintenance costs since electric vehicles have fewer parts that need regular servicing than gas vehicles.
If you’re looking for funds to source electric vehicles, explore the EV financing options available to you. Some banks have options for financing both electric vehicles and charging infrastructure, thus simplifying the process of both obtaining your EV corporate fleet and keeping the vehicles up and running.
2) You’ll Be Able to Align Your Business with Environmental Values
Many demographics are following the government’s initiative and dedication to prioritising cleaner energy and sustainability, especially with Singapore’s Green Plan 2030 in mind. More consumers prefer to purchase from companies who have a public stance on environmental issues and are implementing greener practices.
Choosing to use electric vehicles for your business will help you establish your brand as one that values sustainability and that takes its corporate social responsibility seriously. In turn, this can attract a larger market of other pro-environment consumers.
3) You’ll Reduce Your Business’s Carbon Footprint
Other than just the reputation of the business, switching to EVs for your corporate fleet can significantly reduce your business’s carbon footprint. Carbon emissions from gas vehicles are known to contribute to climate change, environmental damage, and air pollution, and they also have a negative effect on people’s respiratory health. Given how important it is for businesses to do their part in ensuring that they are making as small of an environmental impact as possible, you’ll be able to clear off on this obligation by investing in EVs for your corporate fleet.
4) You’ll Be Eligible for More Government Incentives
As part of Singapore’s movement towards cleaner energy, and with its goal of switching completely to EVs by 2040, several government initiatives have been established to either help businesses with costs or with taking care of EVs. One example is the EV Early Adoption Incentive (EEAI), wherein newly registered fully-electric vehicles will receive a 45 percent rebate off the Additional Registration Fee (with a maximum cap of SGD 15,000).
There is also the Electric Heavy Vehicle Charger Grant (EHVCG), which is a grant that will co-fund 50% of the installation for electric heavy vehicle (eHV) chargers, with a cap of SGD 30,000 per charger. This grant will co-fund the first 500 chargers with the following conditions: only three chargers are allowed per site, the company must purchase at least one eHV for each charger purchased, and the chargers must be at the owner’s place of business. If you’re eligible for the grant, getting affordable chargers exclusively for your business can help make setting up your EV fleet easier.
5) You’ll Be Able to Increase Employee Satisfaction
Lastly, switching to electric vehicles for your corporate fleet can result in significant benefits for your fleet drivers. Firstly, the cleaner power source will make your fleet drivers’ duties much less dangerous for their health, as they are less exposed to the toxic pollutants found in petrol and diesel vehicles. On-site chargers can also be more convenient for drivers, as opposed to them having to search for a gas station during a drive. The lack of an internal combustion engine also results in fewer issues while on the road, which can reduce anxiety among your drivers.
Plus, employees are equally as concerned about the environment as consumers are. Fleet drivers who are using EVs instead of gas vehicles can work with full peace of mind, knowing that they are using sustainable, environment-friendly equipment.
Switch to Electric Vehicles For Your Company’s Bright Future
The best time to switch to EVs for your corporate fleet is now. Not only can you take advantage of several government initiatives that will make switching easier, but you can also improve your business’s reputation among your target market. You’re also guaranteed to save up on costs in the future, leaving you with extra funds that can help with scaling your business even further. For crucial assistance in your transition to EVs, consider contacting a bank that offers plans for EV financing, including in-house charging infrastructure, and doing your research on other initiatives your company is eligible for.
