Consumers and the media are paying attention to businesses’ sustainability practices. Social media often highlights businesses that are producing products or providing services in a socially conscious and sustainable manner. Failing to meet consumers’ expectations can lead to boycotts, public shaming, and potential government fines.
To avoid these consequences, businesses are creating corporate sustainability strategies. While there are multiple ways companies can accomplish their goals, they often overlook one that can reduce their carbon footprint. Installing EV charging stations is an effective way to show you are a socially conscious brand.
Understanding Corporate Sustainability
Before learning about the benefits associated with installing EV charging stations, it’s important to understand the two terms associated with corporate sustainability.
Corporate Social Responsibility (CSR)
“a self-regulating business model that helps a company be socially accountable—to itself, its stakeholders, and the public. By practicing corporate social responsibility, also called corporate citizenship, companies can be conscious of the kind of impact they are having on all aspects of society including economic, social, and environmental.”
An example of CSR includes,
- Charitable giving
- Decreasing carbon footprint
- Volunteering or giving back to the community
- Investing in socially or environmentally conscious efforts
Business sustainability combines financial, social, and environmental demands to create an ethical and successful product or service. The goal is to benefit the following three items,
Instead of focusing on short-term profits, businesses concerned with sustainability have long-term goals.
How Installing EV Chargers Can Benefit Your Business
Even adding a couple of EV charging stations will play a role in meeting your corporate sustainability goals. Some of the benefits the charging infrastructure brings to your business include the following.
Reduce Your Carbon Footprint
CSR plans often include reducing the company’s carbon footprint. One effective way is to encourage employees to switch to electric vehicles.
Vehicle emissions are divided into two categories,
- Air pollutants contribute to air quality issues like smog and can cause health issues.
- Greenhouse Gases (GHGs) consist of CO2 and methane, which contribute to climate change.
In comparison, electric vehicles produce zero tailpipe emissions. Reports from the U.S. Department of Energy state that gas-powered vehicles produce the following pounds of CO2 emissions annually.
- Gasoline – 12K lbs. of CO2
- Hybrid – 6K lbs. of CO2
- Plug-in hybrid electric (PHEV) – 5.9K lbs. of CO2
- All electric (BEV) – 4.7K lbs. of CO2
Larger companies tend to employ a lot of people and it can increase CO2 emissions. Encouraging staff to trade in their ICE vehicles for EVs can dramatically lower your Scope 3 emissions. A survey by CarMax and CleanTechnica discovered that 72% of electric vehicle enthusiasts are more likely to switch to an EV if their employer offers charging at work.
While we aren’t quite there when it comes to banning ICE vehicles there are several states that have planned bans set for the future. With ICE bans sneaking up on us, it is important to understand which states are at the forefront of the bans. You can find out if your state is on the ICE ban list here.
Indicates You Are a Socially Conscious Brand
Along with promoting sustainability, installing EV charging stations indicates you are a socially conscious brand. It shows employees and customers you practice what you preach.
People will use your company as an example of good business practices. You can build trust with staff and consumers and encourage other corporations to follow your example.
Shows You Are Future-Oriented
Electric vehicles are part of the future, especially as EV technology continues to evolve and advance. It means the EV market will continue growing and shows you are taking steps to meet the growing demand.
- In 2018, 2 million EVs were sold globally, and that number is expected to reach 3 million units in 2020, 10 million units in 2025, and 28 million units in 2030 as the cost of production decreases.
- By 2030, battery EVs are projected to represent 77% of all-electric vehicles, meaning fast and reliable charging will be more important than ever.
- As EV sales continue to increase, the sales volume of fuel vehicles is projected to nosedive by 2024.
Vehicle manufacturers are reading the changing market trends and are increasing their EV production. For example, Ford increased spend on electrification efforts to $11 billion in 2022, and Volkswagen has committed to a $36 billion electrification investment through 2024. Other major auto manufacturers are following suit.
Installing EV chargers in your parking lots shows your business is looking toward a more sustainable future.
Attract and Retain Quality Employees
Companies are often competing for quality employees. To attract and retain staff, businesses need to provide additional value. A 2016 Cone Communications Millennial Employee Engagement Study emphasizes the importance of being socially conscious. Some of the findings from the study include,
- 64% of millennials consider a company’s social and environmental commitments when deciding where to work
- 64% won’t take a job if a company doesn’t have strong corporate social responsibility (CSR) values
- 83% would be more loyal to a company that helps them contribute to social and environmental issues (vs. 70% U.S. average)
- 88% say their job is more fulfilling when they are provided opportunities to make a positive impact on a social and environmental issue
Installing EV charging stations indicates to employees your company is socially conscious. It is also an amenity that can attract new staff and help you retain existing employees.
If you business is considering an EV charger installation, check out our business solutions page for a bit more on how Apogee Charging Solutions can assist your business in its electrification efforts.
A 2017 study by Forbes produced some surprising results. The study focuses on corporate social responsibility and here are a few of its findings.
- 68% of millennials bought a product with a social or environmental benefit in the past 12 months.
- 87% of consumers will have a more positive image of a company that supports social or environmental issues.
- 88% will be more loyal to a company that supports social or environmental issues.
- 87% would buy a product with a social and environmental benefit if given the opportunity.
- 92% will be more likely to trust a company that supports social or environmental issues.
It indicates the importance consumers place on sustainability and how socially conscious actions affect the businesses they are likely to support.
Take Advantage of Financial Incentives
State, utility providers, and the federal government are offering EVSE incentives for a limited time. These incentives help offset the cost of purchasing and installing EV chargers.
EV drivers may also qualify for personal tax credits ranging from $2,500 to $7,500.
Are you planning on including EV charging as part of your corporate sustainability strategy? Whether you want to learn more about the charging stations or have questions about financial incentives, we can help. Contact us today and start meeting your sustainability goals.