With all the planning that goes into a big electric vehicle charging installation, many property managers want to know how they can save money. They know that they can use smart charging stations for future revenue, sustainability marketing, and employee/client retention. But at the beginning of the project, they want to make sure that they are getting the best prices and reducing costs. The good news: there is funding available for installing EV charging stations at your commercial property!
Utility providers across the country are realizing that future EV demand can help balance the energy grid while increasing demand overall for their electrical services. For this reason, many utilities are offering incentives to business customers for installing charging stations and providing data to the utility team. These programs can help properties pay for the costly “make ready” electrical upgrades, conduits, and infrastructure that makes up the bulk of an EV charging installation. A few examples of utility programs that are helping workplaces save on equipment and/or installation: Pacific Power in Washington and Oregon, Hawai’i Energy, PG&E in California, DTE in Michigan, and National Grid in Massachusetts, Rhode Island, and New York.
It’s not just utilities that offer money to businesses for installing EV charging stations. As part of the same Volkswagen settlement that created Electrify America, each state receives money from a trust that will reduce pollution and emissions nationwide. Many states have already announced their plans to give rebates to workplaces and multifamily communities that install EV infrastructure. Some cities have even announced their own plans to promote electrification and reduced local emissions, which may be combined with other incentives! For a list of incentives in your state, visit the Department of Energy and Vehicle Technology Office’s Alternative Fuels Database.
Federal Tax Rebates
The federal tax rebate for EV infrastructure is back! In December 2019, Congress retroactively extended the Alternative Fuel Infrastructure Tax Credit through December 31, 2021. Businesses that installed EV charging stations after December 31, 2017 can receive credit for 30% of the cost, up to $30,000. The IRS is still updating the forms for the 2019 tax year, but your team will want to use Form 8911 to take claim credit.
Saving on Charging Stations
In our years of working with commercial properties and electrical contractors, we’ve learned a few best case practices for properties that want to reduce their overall project costs. Many properties that are already paying a contractor for trenching, electrical upgrades, or running conduits to a parking lot for a few stations realize that if they plan ahead, they can reduce costs in the future by adding stub outs for future stations. After all, even if only a few employees currently drive electric vehicles, there will be more looking for a charge in five years. It’s cheapest to build infrastructure once and add charging equipment as demand grows!
Secondly, while SemaConnect stations include the first year of network services and full replacement warranty for free, we also offer three and five year plans. By pre-paying for your network services and extended warranties, you can save thousands of dollars on your property’s green amenities.
Electric vehicle charging can help you make money and save money! Ask your SemaConnect sales manager today about incentives and funding available in your area.