Electric vehicle (EV) charging infrastructure investments made in the past are opening doors for businesses with a forward-thinking attitude. The $1 trillion Bipartisan Infrastructure Law (BIL) keeps the country moving forward with sustainability initiatives. One of the BIL’s unmistakable goals? create a nationwide network of EV charging stations that is easy to use, trustworthy, and reasonably priced. Along 75,000 miles of federal highways, every 50 miles, drivers would have access to EV charging stations, all of which would be within a mile of an exit.
Businesses must comply with numerous, complex regulations in order to get funding and other incentives and subsidies from the BIL for EV chargers.
Entities at the federal, state, and local levels are offering millions of dollars if you know how to navigate the process. Future Energy can show your business how to stack incentives to offset nearly 100% of the cost of your EV charger installation.
What Affects The Price Of Installation For EV Chargers Under The New Federal Law?
The BIL created and provided funding for the National Electric Vehicle Infrastructure (NEVI) Formula Program when it was passed in November 2021. Five years worth of $5 billion are made accessible to states under the NEVI Formula Program. Each state was required to submit a State EV Infrastructure Deployment Plan outlining how it will allocate its allocated cash in compliance with the program’s guidelines.
EV Charger Requirements under NEVI
EV chargers along designated alternative fuel routes receive priority funding from NEVI. A nationwide network of environmentally friendly charging stations will be located along the alternative fuel corridors, which are specific sections of approved federal roads.
The Government Requires That EV Charging Stations With At Least Four Direct-Current Fast Chargers (Dcfcs) Qualify For NEVI Financing. An EV May Be Completely Charged Using Dcfcs, Commonly Referred To As Level 3 Chargers, In Roughly 30 Minutes. The Backbone Of The Alternative Fuel Corridors Will Eventually Be Dcfcs, Which Are The Fastest Form Of Charger Currently Available.
State Grants Program Plans
All 50 States, the District of Columbia, and Puerto Rico will have approved EV Infrastructure Deployment Plans by September 2022. Each authorized plan has its own guidelines for how funding must be distributed. Each state details the locations of the EV chargers it intends to install.
Utilization Of State Grants
The usage of the NEVI money is one of several choices available to states.States could finance, as an illustration:
- improvements to the current EV charging infrastructure
- Building new infrastructure for EV charging
- Setting up EVSEs (electric vehicle supply equipment)
- Costs associated with EVSE operation and upkeep
- Engagement of the community and stakeholders
- Activities for developing the workforce
- A sign for an EV charging station
- Sharing of data activities
- activities and related mapping analyses
Funds From The Federal Highway Administration
The BIL allocates extra funds for groups that satisfy criteria outside of NEVI.
Using discretionary funding, the secretary of transportation will fix gaps in the national network. 10% of the NEVI funds allocated for this purpose are used to pay for this.
To strategically implement EV charging in urban and rural locations, the BIL created the Charging and Fueling Infrastructure Discretionary Grant Program (CFI Program). The EVSE must be installed in open spaces like neighborhoods and downtown districts. The underprivileged and disadvantaged populations are a focus of the CFI Program.
Which Tax Credits And Other Incentive Programs Are Available For The Installation Of EV Chargers?
NEVI funding demand the installation of level 3 chargers, however your company might not at this moment need to install DCFCs. For your corporate use case, level 2 chargers may be a better option.
The most prevalent kind of EV charger is a Level 2 charger. They are suitable for both commercial and domestic usage and run on 240-volt electricity. An EV can often be completely charged using a level 2 charger in six to eight hours.
For companies wishing to install level 2 EV chargers, there are several incentives and subsidies available.
Fiscal Credits
A 30% federal tax credit for business expenses up to $100,000 is available. The Alternative Fuel Vehicle Refueling Property Credit, or Internal Revenue Code Section 30C, is applicable to “any qualified alternative fuel vehicle refueling property.”
In addition to the money offered by the NEVI, several states also provide tax credits. As an illustration, New York grants a “alternative fuels and electric vehicle recharging property credit” worth the lesser of $5,000 or 50% of the EVSE’s price. Up to $2,500, Georgia grants a 10% tax credit off the price of an EV charging station. Similar tax benefits are provided by several other states.
Make-Ready Applications
Across the US, electric providers are providing “make-ready” programs.
For instance, the Joint Utilities of New York provides funding through its EV Make-Ready Program. Businesses can use the funding to put in level 2 or level 3 EV chargers. These businesses can obtain incentives to cover up to 100% of the infrastructure expenditures related to laying out a location for the installation of EV chargers.
Finding out the components of the EV charging infrastructure your state’s make-ready program addresses, however, may be a time-consuming procedure.
Additional State Grants
Grants for EV chargers are provided by several states and are paid for by the Volkswagen Environmental Mitigation Trust. Volkswagen pledged $2 billion to EV charging infrastructure as part of a 2016 settlement with the Environmental Protection Agency.
These funds are dispersed by the states in various ways. The Public Access Charging Program in Massachusetts offers funds to cover 80% of the price of installing and maintaining level 2 EV charging stations. For the construction of EV chargers in multi-unit buildings and academic campuses, the state contributes additional funds.
United States Map With Pushpins And A Pointing Hand
How Can My Business Begin The Process Of Obtaining Funds For EV Charging?
Numerous incentives are available to help defray the cost of setting up EVSE and EV infrastructure. The processes for identification, qualification, and application can be laborious, complicated, and confusing.
Future Energy specializes in assisting you all the way through the installation of EV charging stations.
We collaborate to define your use cases together, from securing funding to putting it to use.
Identifying Grants And Subsidies For EV Chargers
The Financial Incentive National Database (FIND) tool from Future Energy locates 99% of all funding that may be used to help our clients cover the cost of installing EV chargers. We demonstrate how to combine these incentives such that, in many circumstances, your installation expenses will be completely covered.
Requesting EV Charger Funds
Each grant or subsidy application for EV charging has its own procedures and documentation. Every stage of the process is handled by Future Energy, including:
- Deciding which funds are appropriate for your company
- Gathering commercial data, such as anticipated EV charging rates
- Finding and completing applications
- Sending the required electrical schematics
- Observing due dates
- Continuing the procedure while you wait for a decision
Meeting Conditions To Receive Funding For EV Chargers
The Future Energy crew is skilled in comprehending the specifics of the incentive programs, such as eligibility criteria, the application procedure, and design and construction requirements. Future Energy assists in guiding you through the process of obtaining funding after the FIND tool has identified any initiatives that are accessible to your company.
Where Can My Company Find Assistance In Obtaining Funds For EV Charging?
The environment of incentives is growing more complicated. For assistance with the entire procedure, get in touch with Future Energy right now. We evaluate your eligibility, locate all available funding, and assist you with the application procedure.
