Electric vehicles (EVs) are hitting America's roads in growing numbers. U.S. EV sales reached a record high of 1.3 million in 2024 according to Kelley Blue Book, a 7% increased from 2023. There are now more than 70,000 public EV charging stations in the U.S., according to the U.S. Department of Energy, an amount that's more than doubled over the last few years.
The advantages of EVs
Why are EVs making such inroads? They offer a number of advantages over conventional vehicles:
- Lower operating costs. EVs are less expensive per mile than gasoline vehicles. Also, electricity rates are consistent over time; no more worries about jumps in gasoline prices.
- Less maintenance. EVs have fewer moving parts than internal combustion engine vehicles, meaning reduced maintenance time and costs.
- Improved performance. Electric motors run quieter and smoother than internal combustion engines.
- Energy independence. Electricity is a domestic fuel source.
- Reduced emissions. Although EVs have no tailpipe emissions, there are emissions from generating electric power. Still, EVs reduce total emissions significantly compared to internal combustion engines.
With all of these benefits, maybe it's time consider switching your business fleet to EVs.
The power to choose
You have plenty of options when it comes to upgrading your fleet. A a large number of small-, medium- and heavy-duty EV models are available from a variety of manufacturers. Whether you are looking for simple sedans, delivery vans or larger vehicles, there are EVs available for your fleet. Search the U.S. Department of Energy's electric vehicles database for available models.
Financial incentives can significantly reduce the cost of purchasing EVs. The federal Commercial Clean Vehicle Tax Credit covers up to $7,500 of the purchase cost of vehicles weighing up to 14,000 pounds and up to $40,000 of the purchase cost of larger vehicles. Search here for any state or local incentives that may be available in your area.
Charging up
Although EVs eliminate the need for fuel, you will have to invest in a charging infrastructure. Most businesses install Level 2 or Level 3 chargers. Level 2 chargers can generally charge vehicles in three to eight hours. Level 3 charging stations (also known DC fast chargers) are much more expensive to install, but can charge vehicles in 30 minutes or less.
Installing charging infrastructure requires a significant upfront investment. However, the good news is that financial incentives are also available for charging infrastructure installations to help reduce your cost. With the federal Alternative Fuel Infrastructure Tax Credit, business can claim up to 30% of the installed cost of eligible infrastructure projects, subject to a maximum of $100,000. Local and state incentives may also be available as well.
Make the transition to EVs and start realizing the benefits for your business.