Getting Your Business EV-Ready

Getting Your Business EV-Ready

Electric vehicles (EVs) are here, and more are coming. If you’re planning to add EVs to your fleet in the future, you should start thinking about them today. And even if you don’t plan on going electric, it’s important to know the potential impact they can have on your bottom line.
Stephanie McAlpine, AVP Regional Fleet at GM Financial, urges every business to do the research. “Education is key to making informed decisions about EVs for your business,” she says.

Here are a few items to kickstart your research on commercial EVs:

1. Business EV tax credits
   

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   Government funding is available to support EV adoption and offset EV costs, and it's important to stay updated on the options and incentives that can benefit your business. On a federal level, the U.S. Department of Energy offers clean vehicle tax credits to qualifying individuals and businesses.
   A growing number of states offer tax relief for business vehicles as well. For example, California’s HVIP program has provided over $1 billion for individual owner-operators, small businesses, corporations, schools and municipalities to purchase clean air vehicles at a fraction of the price.
   Even if your state doesn’t currently offer incentives, Stephanie says they may have plans to do so in the future, so talk with your financial advisor and stay informed.
2. Business EV performance
   For those who wonder whether EVs can do the same work as their internal combustion engine (ICE) cousins, Stephanie points to the Chevrolet Silverado EV. “It’s built as an EV from the ground up, with enough power to take on many jobs,” she says.
   But she also emphasizes that every fleet is different. Some businesses will put a truck to good use, while a Chevrolet Equinox EV or Blazer EV might be a better fit for other types of work.
   “There are a lot of options, and those keep growing. A good first step is to rightsize your fleet and start adding EVs where it makes the most sense,” Stephanie continues. “How many miles do your vehicles need to go each day?  Could you replace an ICE vehicle with an EV and accomplish the same job?”
   Rightsizing your fleet means segmenting your vehicles based on utilization and considering whether an EV can replace an ICE vehicle for specific jobs. It helps ensure that you have the most efficient and cost-effective vehicles for your business needs.
3. Business EV maintenance costs
   Knowing your costs down to the mile will help you assess the financial impact of EVs on your business and prioritize which vehicles should move to EVs. And when it comes to commercial vehicles, maintenance is one of the biggest costs to consider.
   EVs typically cost less to maintain than ICE vehicles due to the battery, motor and associated electronics requiring little to no regular maintenance. There’s also no oil to change and far fewer moving parts than a conventional ICE.
   So, by adding EVs to your fleet, you can reduce your maintenance budget, but it doesn’t stop there. Stephanie says, “Lower EV maintenance costs means your vehicles are spending more time on the road generating revenue.”
   As you look for every financial advantage you can get, lower maintenance costs alone can give you an edge, especially if your competition is unwilling to consider EVs.
4. Business EV charging stations
   If EVs don’t use fuel, how will you keep your fleet charged? The good news is that your drivers don’t have to rely on EV charging stations in public parking lots.
   “On-site charging stations help control costs because you can charge at off-peak hours with your own energy,” Stephanie says, “and GM Energy can help you find a power solution and build out your charging infrastructure.”
   GM Energy is a part of GM’s larger effort to help businesses transform and grow with connected tech and innovative solutions, known as GM Envolve. To help businesses transition to EVs, they offer an EV Starter Kit for fleet planning, streamlined charging and maintenance solutions, plus personalized training and support. And when you're ready to finance your EVs or charging stations, GM Financial has you covered.
   You don’t have to figure out EVs on your own. “At the end of the day,” Stephanie says, “we’re here to take care of our customers. We can help you discover if EVs are the best move for you, and if you’re ready to move forward we can connect you to partners who can help.”
   

Whether you’re ready to adopt EVs into your fleet or have questions about tax incentives, rightsizing your fleet, EV maintenance or charging stations, we’d like to learn more about your business and help you put together a strategy that fits your needs.
 

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By Ross Appleton, GM Financial

Ross Appleton loves to help people navigate their toughest challenges. He believes that clarity is the key to flourishing in a complex world, and that a timely dad joke is good for the soul. When he isn’t talking or writing about big ideas, you’ll likely find him reading about them in old books. He is married, and two of his four children currently serve in the U.S. Army.