There are numerous incentives and rebates currently being offered for EV charging stations as well as EVs.
Because these opportunities come from a variety of sources, including the government and EV charging station manufacturers and EVSE providers, navigating them can be difficult. Schedule a call. We’d love to help you!
The Infrastructure Investment and Jobs Act, enacted by Congress in November 2021, provides transportation electrification funding for states to distribute through the National Electric Vehicle Infrastructure (NEVI) program. The NEVI program is focused on improving major transportation corridors, including boosting existing EV infrastructure, through the U.S., with states required to develop Alternative Fuel Corridors on interstate highways. All 50 states are now approved.
NEVI requirements were designed to provide convenient, reliable, affordable, and equitable EV charging for EV drivers who need DC fast charging, either locally or while on a trip. To be eligible for NEVI funding of up to 80% of EV infrastructure project costs, locations must:
NEVI funding can cover a portion of installation costs, including the “make-ready” work needed to prepare a site for EV charging, such as utility upgrades, running wiring to charging station locations and associated construction work. NEVI funding will also cover a portion of the cost of EV charging hardware and software.
From January 1, 2023 until December 31, 2032, your business may be eligible to receive a 30% tax credit up to $100,000 under the 30C Alternative Fuel Infrastructure Tax Credit. Commonly referred to as the “federal tax credit,” the credit now requires applicants to be located in designated census tracts (guidance and maps forthcoming from the IRS) and follow prevailing wage standards.
What’s covered? The tax credit applies to out-of-pocket costs for EV infrastructure (think EV charging stations), costs for site preparation and EV charging station installation (which can often exceed hardware costs), but doesn’t apply to expenses such as permitting and inspection fees, or networking costs. The good news is businesses that install stations at multiple sites may apply the credit to each location.
Further Information can regarding the 30C/8911 Alternative Fuel Infrastructure Tax Credit can be found here:
Updates to the Clean Vehicle Tax Credit remove the automaker sales cap that disqualified Tesla and General Motors vehicles, require final vehicle assembly in North America, limit recipients by income, and introduce a new tax credit for used vehicles.
The actual credit consumers receive depends on the specific vehicle, make, battery size, and automaker sales numbers. Detailed information regarding qualifications for EV drivers and vehicles can be found on the IRS page covering credits for vehicle purchases.
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Suite 100, Maitland, FL 32751
