Electric vehicles have moved beyond being just a novelty you might spot on the street. They’re increasingly a viable option for businesses of all sizes to go greener and save money on transportation. Adopting electric vehicles is an innovative way companies can meet their sustainability goals. Plus, by powering vehicles with electricity at a steady price, you can avoid the unpredictability of spikes in gas prices.
Savings on maintenance can add up too. Often, maintenance on an EV is 30% lower than a model with a traditional internal combustion engine. EVs require no oil changes, spark plugs, or transmission servicing. Often the windshield wipers and tires are the most significant issues you’ll encounter in the upkeep of an electric vehicle.
Multiply those factors across five, twelve, or fifty vehicles –and you have notable savings. But to make the most of your transition to EVs, it’s best to take a systematic approach, starting with an in-depth examination of your fleet.
Let data drive your success
Data can help drive you toward a successful transition to EVs. The first step is to undergo an electric vehicle suitability assessment. This process uses telematics technology placed on existing fleet vehicles to obtain running data from the vehicles as they go about their daily routines.
This telematics data is collected and analyzed to examine the amount of fuel used, mileage and other factors. This provides a clear, transparent look at which of your fleet needs may be well suited to transition to EVs and shows how much you could save by making the switch.
The savings generally fall into three categories:
1. Reductions in the total cost of ownership over the life of the vehicle
2. Reductions in fuel usage
3. Lowering of greenhouse gas emissions, which can support corporate sustainability goals
Eight municipalities in the Twin Cities, along with HealthPartners, recently worked with Xcel Energy to conduct these studies, which are helping them make prudent vehicle plans and investments. Because of the studies, HealthPartners replaced 11 vehicles with electric or hybrid models. This resulted in a total cost of ownership savings of nearly $90,000.
Xcel Energy can help you take the next steps
Xcel Energy can help you find solutions for fleet needs, great or small. To determine the potential of transitioning your current fleet to an electric vehicle fleet, start a conversation with Xcel Energy by filling out a questionnaire at xcelenergy.com/evfleetapplication.