Bank of America Expands Hybrid Vehicle Program Nationwide
02 February 2007
Bank of America today announced that it is expanding its program to reimburse $3,000 to employees who purchase a new hybrid vehicle to cover the entire US and more than 185,000 US-based employees. Last June, the company introduced the program to employees living within 90 miles of the three pilot program cities, Boston, Charlotte, and Los Angeles. (Earlier post.)
The company will continue to evaluate the program, assessing how it could be rolled out to its employees outside of the US. The program mirrors the Internal Revenue Service’s hybrid vehicle tax credit program and applies toward a new hybrid vehicle as defined by the agency.
Bank of America employees—“associates”—are eligible for this reimbursement only once, and the reimbursement is subject to all applicable federal, state and local withholdings. All full-time and part- time, US-based associates working at least 20 hours per week are eligible.
Our associates were very enthusiastic about this program and have responded well to the opportunity. In fact, since we launched the program and within the three cities where it was piloted, hybrid vehicle purchases by our associates have more than quadrupled. The program continues to expand our commitment to the environment and offers our associates a way to participate in making a difference while cutting down on their commuting costs.
—Anne Finucane, Bank of America chief marketing officer and head of the company’s environmental council
Bank of America has set voluntary goals to reduce greenhouse gas emissions from its direct operations by 7% by 2008 based on 2004 baseline data.
That's right!
What would happen if every major US & multinational corporation adopt the same pro-environment thinking/model of BOFA?
Well, so many new HEVs would be on the street and perhaps as soon as BEV are available, lesss ICEs would be sold and the famous "social responsibility" that most corporation like to show, would actually do something good for a change!
Also BOFA if you are reading GCG, how about this idea: For every new CD with let's say a minimum balance of $10K you issue a coupon valued at $? [TBD] that the client can redeem at a car dealer when he/she buys a new HEV??? [Not valid for any other vehicle!]
Spread the good baby...spread the good!
FS
Posted by: Fred Sands | 03 February 2007 at 09:10 AM
Wouldn't make more sense (and be more fair) to reimburse employees based on total fuel consumption for commuting, i.e. give larger reimbursements to those who use the least fuel? How they achieve that reduction would be up to the employee. That way, there wouldn't be a bias towards hybrids--the market would instead favor the cheapest fuel consumption methods, since those employees that spend less on reducing fuel consumption benefit more from the reimbursement, much like trading carbon emissions.
Posted by: Andrew | 03 February 2007 at 09:12 AM
Andrew:
1. Administering such a "total fuel consumed in commuting" program would probably be very laborious, and perhaps somewhat intrusive on the privacy of their employees.
2. Increasing the market penetration of high MPG vehicles is good not only for the direct benefit based on the fuel saved when the original purchaser uses it to get to work and back every day, but also the savings achieved on recreational uses, and achieved by subsequent buyers of the vehicle who buy it used. It also increases the visibility and social appeal of such vehicles when people see more of them on the roads.
3. I agree with you to the extent that BoA would do better to promote the purchase of a high efficiency vehicle no matter what technology was under the hood, rather than pick specific technologies over others.
Posted by: NBK-Boston | 04 February 2007 at 11:26 AM
It seems to me that BoA is not really aiming a few of employees to save 10% fuel by regular means and technologies such as commuting, small car, or hypothetically diesel car. They are trying to support technology which potentially will half the fuel consumption of most of drivers.
Posted by: Andrey | 04 February 2007 at 06:47 PM
I wonder what the raw numbers on participation in the test cities are. Quadrupling could mean that in the year before the program only one hybrid was bought and during the program four were bought. The use of relative terms is part of greenwashing.
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