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Electric vehicles: Easy at-home charging for commercial EVs

June 3, 2024

Electric vehicles (EVs) are becoming more popular every year. As more people switch from gasoline-powered vehicles to electric ones, the need for convenient and efficient charging solutions has grown. This trend reflects a move towards environmental sustainability and provides opportunities for businesses to boost their reputation as eco-friendly. However, the rise in EV adoption also brings some challenges, especially for businesses and employees who want to charge company vehicles at home.

The growing popularity of electric vehicles

Electric vehicles are changing the transportation industry. According to the International Energy Agency (IEA), in 2023, EV sales made up nearly 18% of all global vehicle sales, a significant jump from only 5% in 2018. This number is expected to rise as technology makes electric cars more accessible and affordable. 

There are several reasons for this shift:

  • Increasing concern for the environment: EVs are generally considered better for the environment than traditional vehicles, reducing greenhouse gas emissions and reliance on fossil fuels.
  • Technological advancements: Advancements in batteries and charging infrastructure make EVs more practical, extending their range and reducing charging times.
  • Reputation and consumer awareness: As awareness of climate change grows, more consumers are looking for sustainable alternatives to traditional vehicles.

Enhancing corporate sustainability

For businesses, adopting electric vehicles is a means to enhance corporate sustainability. By utilizing EVs, companies may reduce their carbon footprint

Many companies are starting green fleet initiatives, promoting EV use among employees, and investing in the necessary training and charging infrastructure to support these changes. However, these initiatives bring their own set of challenges, particularly when it comes to managing the logistics and costs of home charging.

Corporate sustainability programs increasingly include electric vehicles as part of their broader sustainability goals. Switching to EVs may help reduce emissions and align with growing consumer demand for environmentally responsible practices. However, to fully benefit from EVs, companies need effective solutions to manage the operational factors of home charging. This means making sure their employees can charge their vehicles conveniently, with effective – and accurate – payment and reporting solutions.

Challenges in commercial EV adoption

One major challenge for companies with employees who charge EVs at home is managing the reimbursement and reporting process. Traditional reimbursement methods often require employees to submit detailed reports and invoices to claim expenses, which may lead to inconsistencies and errors. The lack of integrated reporting tools makes it challenging for companies to monitor and analyze EV-related expenses across their workforce.

For employees: The manual process of tracking and submitting charging expenses can be time-consuming and error-prone. The administrative burden not only affects productivity but also may lead to delayed reimbursements and discrepancies.

For employers: The lack of visibility into home charging costs makes it difficult to manage budgets and ensure consistent reimbursement policies. 

WEX EV At-Home: A simple charging solution

WEX understands the challenges associated with at-home EV charging and has developed a solution to simplify the process. 

WEX EV At-Home allows business owners or fleet managers to reimburse employees directly through the business’s fleet credit line, using a mobile app for near real-time payments based on actual charging costs. This system provides detailed charging metrics to the business. Employees can charge their work vehicles overnight, and fleet managers receive insights into charging behavior and other essential fleet management data.

5 ways WEX EV At-Home solves common at-home charging concerns

#1 Unified payment system

Employees can charge their EVs at home using the EV DriverDash app, are reimbursed through the business’s fleet credit line, and receive funds via the WEX PayControl app, reducing administrative overhead and helping to ensure accurate expense tracking.

#2 Integrated reporting

With WEX EV At-Home, home charging sessions are included on a set of reports that also include public charging, fueling, and other fleet-related transactions. This insight into at–home charging helps ensure better budget management and expense tracking. Companies can easily analyze their EV charging expenses, identify trends, and make informed decisions about their fleet management strategies.

#3 Simplified invoicing

Using WEX EV At-Home allows businesses to receive one consolidated invoice for all transactions on the WEX fleet credit line – home and public charging as well as fueling and other fleet-related expenses. 

#4 Convenience

WEX EV At-Home eliminates the need for employees to submit expense reports for home charging, saving time and reducing the administrative burden. Employees can focus on their work without worrying about the complexities of managing charging expenses. The convenience of automatic payments and integrated reporting enhances productivity and can help improve job satisfaction.

#5 Data-driven insights

The data from WEX EV At-Home can help inform strategic decisions about fleet management, charging best practices, and sustainability initiatives. The ability to analyze charging data allows companies to gain deeper understanding into their costs and enhance their overall environmental impact.

Consider the bigger picture in adopting EVs

The benefits of WEX EV At-Home go beyond convenience and cost savings. By simplifying home charging, the solution supports broader sustainability efforts. Companies adopting EV solutions can demonstrate their commitment to reducing carbon emissions and promoting green practices, enhancing their reputation as environmentally responsible businesses.

Adopting EV solutions may also help attract and retain top talent. As more employees prioritize sustainability in their personal and professional lives, offering convenient EV charging solutions can be a key differentiator in the competitive job market.

Employees who feel supported in their efforts to adopt greener practices are likely to be more engaged and satisfied with their employer. In fact, according to a Deloitte survey, 69% of employees surveyed want their companies to invest in sustainability initiatives, such as renewable energy, waste reduction, and lowering carbon emissions.

Explore WEX’s comprehensive EV solutions

Along with EV At-Home, WEX offers other innovative solutions to meet your EV business needs: 

WEX EV En Route provides access to WEX’s growing network of public charging points, ensuring your employees can charge on the go.

WEX EV Fleet Converter helps businesses understand the feasibility, costs, and benefits of adopting EVs.

To learn more about EV solutions and mixed fleets, visit:

To learn more about WEX, a dynamic and nimble global organization, please visit our About WEX page.

To learn more about WEX’s EV offerings visit our EV page.

All fleet cards are not the same, and different types of fuel cards suit the needs of different kinds and sizes of businesses. View WEX’s fleet card comparison chart to see which fleet fuel card is right for you.

Apply for a fleet card today!

Sources:
International Energy Agency (IEA)
American Automobile Association (AAA)
Internal Revenue Service (IRS)
Deloitte

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