Companies across the U.S. are being pushed to shift their vehicle fleets to electric vehicles (EVs), but making such a big change is easier said than done for many businesses.
That is why New York City-based Synop has created a platform to help companies manage their commercial EV fleets, StartupBeat reports. The Take Home Fleet Reimbursement Tool makes EV charging reimbursement automatic and compliant.
The solution will help fleet managers who’ve in the past counted on standardized, cost-per-mile fuel rates or fuel cards to reimburse their employees for mileage. Using the same methods for EV charging and reimbursement might prove more difficult—especially for employees who charge their EVs at home.
“With this solution, Synop aims to further simplify (EV) fleet management, ensure precision in take-home fleet reimbursement that’s simple for both employers and employees, and continue with our efforts to support sustainable mobility,” Synop Chief Commercial Officer Mark Braby wrote in a LinkedIn post. “Excited to see the positive impact this will have on the industry moving forward!”
The Take Home Fleet Reimbursement Tool addresses some of the biggest challenges that result from at-home charging. For example, Utah holds the lowest average residential electricity rate in the continental U.S.— of 11.22 cents per kilowatt-hour. Meanwhile, Rhode Island’s average is 31.78 cents per kilowatt-hour. So if an EV fleet owner has vehicles in different states, they can’t rely on a standardized rate. Use of time pricing further complicates the matter, as electricity costs increase during peak demand hours.
So even though flat reimbursements traditionally require less administrative work and are easier to manage, EV fleet managers risk under or overpaying their employees relative to their actual consumption, according to Synop. The Home Charging Reimbursement Tool eliminates any potential headaches by applying different rates based on where an EV was charged.
If an EV starts charging at the end of peak demand and finishes charging at a lower cost, Synop’s platform automatically applies the correct rates – ensuring drivers receive the correct payout payouts.
The tool also uses data agnostic software to make tracking employees’ charging times less invasive and more streamlined. The platform integrates with most accounting and expense management software, making EV charging reimbursement quick and easy.
“While EV charging may be more complex than traditional ICE fueling, it doesn’t have to come at the expense of efficient business operations,” the company said on its website. “At Synop, we aim to support sustainable transportation by removing the complexities behind EV charging and reimbursement, from a single dashboard.”
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