5 Bottom-Line Advantages in Making the Switch from Diesel to Electric

Here, we outline five key advantages to making the transition to an electric fleet .

1. Save on ownership costs. Along with elimination of gas costs and lower maintenance costs, purchase prices of EVs are coming down. According to a U.S. Department of Energy study, electric medium- and heavy-duty trucks will cost the same as or less than diesel trucks by 2035. By 2030, almost half of electric medium- and heavy-duty trucks will be cheaper to buy, operate and maintain than diesel trucks.
2. Save on maintenance costs. With fewer components than gas or diesel vehicles, EVs are much simpler to maintain. Elimination of the traditional combustion engine means fewer points of failure. They also do not need as many repairs, and maintenance needs are lower (and less complicated) across the board. The result is significantly less downtime. No more oil changes – ever.
3. Be smart about financial incentives. Financing smartly is critical in making the switch to EV. Choosing a finance partner committed to, and knowledgeable about, electrification will make all the difference to the bottom line. Beyond knowing the right partners and the ability to structure tailored financing programs, a good finance provider will be a valuable asset in the area of financial incentives.
   The Smart Renewables and Electrification Pathways Program is a $964 million program that is providing $922 million over four years for smart renewable energy and electrical grid modernization projects. Due to the large number of previously submitted applications, the program is not accepting new applications at this time, but interested parties can visit the website to sign up to receive future program updates.
4. Go green. You’ll reduce carbon emissions dramatically, reduce greenhouse gases and avoid releasing CO2 and other pollutants. EVs are cleaner all the way around, from manufacture to operation to maintenance. An electric fleet means cleaner air in your workplace, a healthier working environment for employees and reduced noise pollution wherever those vehicles travel.
5. Wean yourself off fossil fuels. Today more than ever, countries – and companies – are realizing the need to reduce dependence on fossil fuels and move to more sustainable energy. While it’s easy to forget about oil prices when they drop, companies that make the switch to an electric fleet will be able to avoid the hassles, stress and other effects of future (certain) price fluctuations.
   Keep in mind that 60% of the electricity in Canada is generated from hydro sources. In fact, in 2020, Canada had the fourth-largest installed capacity of hydropower in the world. Canada’s Energy Future 2021 report projected that non-hydro renewable electricity capacity in the country will grow by 83% by 2040.

Making the switch to EV is smart business. Companies are understanding that “future-proofing” the fleet is good for their bottom line and good for stakeholders. Customers, employees, vendors, partners and others increasingly favor businesses that are taking responsibility for sustainability efforts. A company’s actions in fleet electrification, and overall environmental policy, are now frequently major factors in earning, and keeping, a valued customer’s business.