Introducing Synop’s EV Fleet Home Charging Reimbursement: The Take-Home Tool Making Charging Reimbursement Automatic and Compliant
Today we’re excited to share more about our newest product designed to make EV fleet management even easier: the Take Home Fleet Reimbursement Tool. While historically fleet managers have relied on standardized, cost-per-mile fuel rates or fuel cards to reimburse employees for mileage, when it comes to EV charging and reimbursement, things are more complicated. Especially if you’re managing a mixed fuel fleet.
So whether you’ve just started your journey to EV adoption or have an entire EV fleet at your fingertips, read on to learn what makes reimbursement different for EVs and how our new take-home reimbursement tool offers straightforward solutions to make reimbursement hassle-free.
Getting the Reimbursement Price Right
While the price of gas is no stranger to fluctuations, costs stay relatively consistent across different providers or even state lines. EV charging, on the other hand, is subject to several factors that can cause noteworthy price differences.
For starters, location. For example, in the continental US, Utah holds the lowest average residential electricity rate of 11.22 cents per kilowatt-hour, while Rhode Island’s average is 31.78 cents per kilowatt-hour. These differences add up quickly for managers of national fleets. They’re also further complicated by time of use pricing, when electricity costs increase during peak demand hours.
So while flat reimbursements require less administrative work and are easier to manage, when it comes to EVs, fleet managers risk either under or overpaying employees relative to their actual consumption. This may require true-ups paid to employees over time, which could lead to disagreements with employees regarding calculations due to the aforementioned factors.
To alleviate any uncertainty around accurate reimbursements, our Home Charging Reimbursement Tool can apply varying rates based on exactly when a vehicle was charged. So if a vehicle starts charging at the tail end of peak demand and finishes charging at a lower cost, our platform automatically applies the correct rates – ensuring drivers receive precise payouts.
Reporting is a Breeze with our Data Agnostic Software
Though home charging may be a more convenient option for employees, home chargers being tracked by employers may feel invasive for some. But even for the unbothered, their charger may not be networked or they may have issues with spotty wifi connectivity. In either case, needed data could be unavailable.
While these factors may be outside of your control, they’re a non-issue for Synop customers using the Home Charging Reimbursement Tool as it is data agnostic. Our platform can pull needed data from chargers or vehicles and on-boarding new equipment requires minimal installs and is done in minutes.
A Seamless Solution
While EV charging may be more complex than traditional ICE fueling, it doesn’t have to come at the expense of efficient business operations. At Synop, we aim to support sustainable transportation by removing the complexities behind EV charging and reimbursement, from a single dashboard.
By onboarding your vehicles, chargers, or telematics devices into the Synop platform, you’ll be provided with a range of options supporting remittance for home electricity consumption. For those wanting to manage employee reimbursements internally, EV reimbursement reports can be automatically generated. Additionally, Synop offers seamless integration capabilities with existing accounting, financial, and expense management software. Alternatively, automatic remittance is possible directly through the Synop platform thanks to an integration with Stripe.
These capabilities are not limited to commercial vehicles. Our platform also supports a pay per-mile rate for business use of a personal EV.
Finally, with tax season just around the corner, we’re proud to add that our fleet reimbursement forms are compliant with IRS (Internal Revenue Service) regulations for those organizations operating within the United States.
Interested in learning more about Synop’s EV Fleet Home Reimbursement tool? Book a demo to see how it works here: https://www.synop.ai/ev-fleet-residential-reimbursement or reach out to us directly here: https://www.synop.ai/contact-us.