Businesses are facing increasing scrutiny from consumers and the media over their sustainability strategies. Corporate social responsibility is a key phrase from consumers that are looking for companies that produce exceptional goods or services in an environmentally and socially conscious manner. Companies that fall short often face public criticism, boycotts, and even possible government penalties.
Smart business owners and management teams are making sustainability a key part of their brand and marketing strategies. While there is a multitude of ways your business can become more sustainable, a step that is often overlooked is EV charging.
Adding EV chargers to your customer and employee parking lots may not seem like your business is doing a lot for the environment, it may surprise you how many benefits are associated with this simple action.
Understanding Corporate Sustainability
Before you can get a clear understanding of the benefits associated with EV charging stations, you need to understand the core concepts driving corporate sustainability.
Corporate Social Responsibility (CSR)
CSR, according to Investopedia, is “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.”
Some of the ways corporations can operate their businesses to benefit the community and environment often include,
- Donating to charities
- Reducing their carbon footprint
- Volunteering in the community
- Investing in environmentally and socially conscious actions
Sometimes known as a triple bottom line, business sustainability focuses on balancing social and environmental demands, along with financial ones, while creating successful and ethical goods or services.
An example of a sustainable business model,
A sustainable business model focuses on long-term goals instead of quick and temporary results.
Below we get into the benefits of including EV charging in your corporate sustainability strategy, but there are also other benefits. Employees are increasing looking for green incentives when job hunting, and EV charging at the office is swiftly becoming a necessity. Retain and attract top talent with EV chargers.
Benefits of Including EV Charging in Your Corporate Sustainability Strategy
Even adding a few EV chargers come with benefits that boost your sustainability strategy. Here are a few of the benefits.
Minimize your Carbon Footprint
Reducing their carbon footprint is a part of most corporate sustainability strategies, and it often starts with decreasing vehicle emissions.
Emissions from fossil-fuel-powered vehicles are separated into two groups,
- Air pollutants like smog reduce air quality, often resulting in health issues in the community.
- Greenhouse gases are contributing to climate change and include methane and CO2 gases.
Electric vehicles do not have tailpipe emissions and produce fewer wheel-to-wheel gases than vehicles powered by fossil fuels.
According to the U.S. Department of Energy, on average, gas-powered vehicles produce the following 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
The number of emissions varies by the number of employees, it may be higher in larger corporations. When you reduce these numbers, it shows up in your annual corporate sustainability report since they are listed under the Scope 3 category of the GHG protocol.
Encouraging your employees to make the transition to EVs can dramatically lower greenhouse gas emissions, giving a boost to your sustainable strategy.
Indicates Your Brand is Socially Conscious
Adding EV charging stations to your parking lots is a visible way of demonstrating your commitment to the environment. The socially conscious action demonstrates to employees, business partners, and consumers that you are willing to put in the work necessary to make positive changes.
Shows Your Corporation Embraces Change
Electric vehicles are the future, especially as technology continues to improve and advance. BNEF states,
- 2 million EVs are on the road in 2018 and the number increased to 3 million in 2020. By 2030, an estimated 28 million EVs are expected to be sold in the U.S.
- EV batteries will represent 77% of vehicles by 2030, making reliable charging a priority.
- By 2024, sales of gas-powered vehicles are expected to significantly decline.
Car manufacturers are stepping up the production of electric vehicles. They are aware of the changing consumer environment and are stepping up to meet the changes. Ford and Volkswagen are only two examples of automakers investing in ramping up their electric vehicle production.
Installing EV chargers at work not only shows your business is not afraid of change, but that it is also forward thinking.
Recruit and Retain Top Talent
Today’s job market is competitive with corporations vying to attract and keep top talent. Social consciousness is a top concern for employees, especially millennials that want to work for a company that cares about these issues. According to the 2016 Cone Communications Millennial Employee Engagement Study,
- 64% of millennials consider a corporation’s environmental and social commitments and won’t take the offered position if the company’s CSR values are lacking.
- 83% of millennial workers will be more loyal to a company that contributes to environmental and social issues.
- 88% say they find their jobs fulfilling when they have the opportunity to make a positive impact on environmental and social issues.
Adding EV chargers is not only a perk for employees. They can charge their vehicles while they are working. It is also encouraging staff to become more environmentally conscious.
EV charging contributes in a visual way to your sustainability strategy, which often translates into happier customers. 2017 Per Forbes study quizzing consumers about corporate sustainability finds,
- 68% of millennial-aged consumers purchased a product or service with an environmental or social benefit in the last year.
- 87% of consumers view corporations that support environmental and social issues more favorably than those that don’t practice sustainability.
- 88% of shoppers are more loyal to businesses that support sustainability.
- 87% of consumers are willing to purchase goods and services from businesses with a sustainable strategy.
- 92% of shoppers are more likely to trust a business that supports sustainable efforts.
As you can see, having a corporate sustainability strategy is good for business.
Take Advantage of Incentives and Install EV Chargers at Your Business
Corporations interested in sustainable energy can take advantage of state and utility provider incentives. Some businesses may find the available incentives offset EV charger and installation costs. You may also be eligible for tax credits that can range up to $7,500.
If you are interested in learning more about sustainable EV charging and how it can fit into your corporate strategy, contact us today!
To speak with an Apogee Charging Solutions expert about EV charging stations, call 484-816-2076 or email [email protected].