EV charging points are quickly becoming an essential part of any business looking to survive and thrive over the next few decades.
Pressures for businesses to cut emissions and meet the soaring demand from employees and customers driving electric vehicles, are only going to increase in the run up to the UK's 2050 net zero carbon target and in light of new UK legislation which states that all cars and vans sold in the UK must be fully electric by 2035.
This means that installing EV chargers is a necessary investment for any business, especially as the government has pledged to install 145,000 charge points across England every year up to 2030, making it an easier transition for employees and customers.
Businesses shouldn’t see this as an arduous and pointless box-ticking exercise however, as there are significant ways a business can benefit from investing in workplace EV charging points.
Firstly, setting and reaching sustainability goals can lead to increased investor appeal as consumers are becoming more aware of businesses’ green credentials, and so are investors.
According to a study by the Harvard Business Review 43 out of 70 executives at global investing firms said that environmental, social and governance (ESG) is now a priority for them and that “corporations will soon be held accountable by shareholders for their ESG performance”.
Making it as easy as possible for employees and customers to charge their vehicles on your business premises demonstrates to investors that you are serious about creating a sustainable and future-proof business.
It’s becoming increasingly difficult to find and attract top talent, with experts going as far as saying we're in a ‘talent crisis’. Your company’s green credentials and sustainability goals, including offering EV charging points, can make your company more appealing to potential employees.
One study revealed that individuals aged between 23 and 38 not only make up a third of the global population, but 40% of these individuals chose a job based on how sustainable the company was, with 70% also saying they would stay at a company which had a strong sustainability plan.
The appeal extends to customers too, so having charging points at your retail stores is a clear indication that you take sustainability seriously. Most Gen Zs prefer to buy sustainable brands and would be willing to spend 10% more on products they knew were sustainable.
Many sustainable businesses are now insisting that their supply chain be carbon free too, so as well as hitting internal lower emission targets, operating a zero carbon fleet and supplying EV charging points on-site can help other businesses reach net zero too.
Many individuals now have EVs to help them reduce their carbon emissions and reach their personal net zero goals. The Department for Business, Energy & Industrial Strategy has a carbon calculator where individuals can work out what they need to do to reduce greenhouse gas emissions and how EVs contribute to this.
The community of those that own EVs will be drawn to your business as you’ll show up on the maps they use to find charging points, this is known as destination charging. With the EV community expanding rapidly, simply having a charging point at your business location will attract an increasing number of potential customers.
If you offer an existing company car scheme as an employer, and are able to offer EVs through your fleet management, then employees will benefit from this significant personal tax saving. Selecting a traditional diesel or petrol car, employees will be subjected to significantly higher benefit in kind tax, as opposed to the current 2% benefit in kind tax on electric vehicles.
Most commercial buildings will already have three phase electrical supply available and will therefore be able to install up to a 22.5 kW charging point. Employees will therefore be able to benefit from much faster charging speeds than most home EV charging points can offer. This could encourage increased attraction and attainment rates for current and new employees, and help ‘fuel’ the return to offices, post pandemic, and improve face to face collaboration.
EV charging points form one of a number of ways for businesses to attract and retain talent, and from a commercial standpoint it’s an important investment into your company's future.
Beyond the commercial consideration there is the wider moral responsibility to help reduce carbon emissions, not only in our local area but the world as a whole.
The Government is encouraging businesses to take this step by launching the Government’s Workplace Charging Scheme (WCS), businesses, charities and public authorities can claim a maximum of £350 towards the cost of each charging socket, up to 40 sockets. With this scheme on offer there’s no better time to invest in your business and the best time to tackle climate change is right now.
To find out more about green solutions such as heat pumps and solar panels, in addition to extensive energy advice and guidance, you can visit independent advice platform Energy Helpline.
Felix is the founder of Society of Speed, an automotive journal covering the unique lifestyle of supercar owners. Alongside automotive journalism, Felix recently graduated from university with a finance degree and enjoys helping students and other young founders grow their projects.