This blog is the next installment in a series of papers on sustainability at Time Manufacturing Company. In this paper, we take a closer look at how some incentive programs are driving adoption of hybrid and electric vehicles.
Sustainability Incentive Programs
Sustainability reporting has become a mainstream practice for some companies. At the same time, there is a growing number of regulatory policies that are designed to incentivize companies of all types to reduce their carbon footprints. One such regulatory program is the 2021 California Hybrid and Electric Vehicle Voucher Incentive Program (HVIP). Through point of sale discount programs such as this, municipal fleets are moving toward greater ratios of electric vehicles, and companies are taking advantage of tremendous discounts. Some Versalift distributors are currently participating in this program, equipping efficient and lightweight Versalift bucket trucks with ePTO systems (which include lithium batteries) and mounting aerial lifts onto hybrid vehicles. ePTO systems do allow commercial vehicles to be considered hybrid vehicles, which are a consideration for reducing carbon footprint, and an important ESG factor. Learn more about the California HVIP Program at https://californiahvip.org/.
Technology & Data Analysis
The application of new technologies, such as hybrid and the electrification of fleet vehicles run by lithium-ion (and other) batteries and the use of telemetry data, is enabling companies at every point on the supply chain to make more efficient use of their resources. Through data analysis, measurement and reporting, companies with large fleets are seeking ways to continually improve their use of resources and to protect the environments in which they operate. Further automated data collection analytics tools attached to fleet vehicles are providing a clearer picture to safety of operation and additional ways to mitigate risk.
Hybrid & Electric Fleet Vehicles
Hybrid and electrified fleet vehicles represent one of the fastest growing industries in the world according to the U.S. Department of Energy. According to the department’s website, from just over 3 million units in 2019, the EV market in the United States is projected to climb to nearly 27 million by 2030. Government support, including subsidies and tax rebates, along with improvements to the overall EV experience (increased driving range and more charging stations), is likely to continue driving electric vehicle sales. Market reports also expect the commercial vehicle segment to experience rapid growth. In the public transportation area, and specifically in the case of bus fleets, vehicle replacement of fuel-based buses with electric buses is accelerating.
A recent White-paper on ESG Factors published by Time Manufacturing Company examines the Environmental, Social, and Governance risk factors that play a direct role in decision making for corporate supply chains.