Research comes as Chancellor Philip Hammond announces £400m Electric Vehicle infrastructure fund
New research from npower Business Solutions has found that British plc. is holding back on investing in electric vehicles (EVs). The research, carried out by YouGov, reveals that 45% of senior decision makers interviewed will not be investing in EV technology and infrastructure until after 2025. These respondents cited a lack of existing charging points on UK roads (32%), poor battery life that would limit journey times (30%) and high installation costs (29%) as the main barriers to investment. Meanwhile, 51% of respondents stated that they do not feel informed about the opportunities electric vehicles could present for their business.
The research comes as Philip Hammond, Chancellor of the Exchequer, announced a new set of measures in the Budget to boost the EV market in the UK. These measures include £400m to be invested in charging infrastructure and a tax break for people who charge their electric vehicles at work.
Jason Scagell, Director of Vehicle Charging Solutions at npower, comments: “With business investment in EVs stuck in the slow lane, the measures announced in the Budget have come at the perfect time. We hope that this commitment will help ensure the UK has the necessary infrastructure in place to support a strategic move to EVs by enterprises. But more needs to be done by all stakeholders – government, business and the EV industry – to showcase the full value of an EV strategy.”
According to the survey, 38% of senior decision makers agree that it would be beneficial to have electric vehicle charging facilities at their business sites. For this group, the ability of EVs to improve the business’ corporate social responsibility (CSR) credentials came out as the top benefit of having on-site charging facilities, selected by 57% of respondents. This was closely followed by the ability of EVs to make businesses more carbon efficient (55%).
“CSR is an important element of many businesses’ strategies,” continued Scagell. “At npower, we’re helping clients build bespoke strategies that leverage EVs to create more sustainable business operations. Once the infrastructure is in place, we’re confident that businesses will embrace electric vehicles and ramp up their own investments accordingly.”