Research shows that a company’s progress toward sustainable operations can have a positive impact on financial performance. Perhaps this is why we’re seeing businesses of all sizes around Chicagoland prioritize incremental changes that demonstrate a commitment to sustainability.
Nowhere is this focus shift toward energy efficiency more accessible than in a company’s use of vehicles for daily operations. According to the state of Illinois, transportation is the most significant source of greenhouse gas emissions in the state.
The good news is that transitioning to electric vehicles (EVs) is achievable for business of all sizes and across all industries. The transition to electric vehicles won’t happen overnight, but it’s smart to start preparing now. Below are several reasons why it makes sense to consider electrification for your business fleet.
Incentives
Illinois is quickly becoming a hub for electric vehicle investment and adoption, with tens of thousands of electric vehicles already on the road across the suburbs. Part of this adoption is due to the existence of state and federal incentives for EV customers.
In Illinois, rolling rebates of up to $4,000 have been made available for the purchase of electric vehicles, while at the federal level, many customers are eligible to receive up to $7,500 in tax credits as part of the Inflation Reduction Act. While the availability of these incentive programs can vary, they represent a tremendous cost-saving opportunity for businesses looking to replace gas-powered vehicles over the next several years.
Cost of ownership
Integrating an electric vehicle into your business fleet can reduce the ongoing cost of ownership substantially. Particularly for regional businesses whose fleet vehicles serve customers primarily in the Chicago area, EVs can be less expensive to power than vehicles with internal combustion engines, where fuel prices dictate much of the ownership costs.
