Incentives are popping up everywhere, both on national and state levels, for supporters of electric vehicle usage. As such, business and property owners should be considering installing charging stations at their locales to take advantage of these financial incentives which can significantly reduce the upfront cost of installing the infrastructure.
Rapid growth in the popularity and support of EVs enables business, property owners and multi-unit residential properties enables them to be ahead of the curve in providing a very attractive amenity for their customers, guests, employees and residents. Bloomberg New Energy Finance reports that electric cars will account for 54% of all new car sales by 2040. By the late 2020s, EVs will have lower lifetime costs and be cheaper to buy than the typical internal-combustion-engine car that most people drive today.
New York State has set a positive example in providing support from a governmental level to both individuals who drive electric vehicles and businesses and municipalities that have installed or plan on installing charging stations. For example, the New York State Energy Research and Development Authority (NYSERDA) reports that Governor Andrew M. Cuomo’s Charge NY initiative is offering electric car buyers the Drive Clean Rebate of up to $2,000 for new purchases.
This is just one of many benefits the State has set in place for incentivizing the use of EVs and saving supporters of environmentally friendly vehicles money. All around the country, state governments have come up with similar incentives to incentivize drivers and charge station hosts.
Read on to discover three significant ways that business and property owners can benefit monetarily when installing charge stations.
Government incentives: As mentioned, local and national governments have set standards for incentivizing charge station hosts. New York State provides an income tax credit for 50% of the cost of installing charge stations, up to $5,000. Additionally, the NYSERDA-powered Cleaner, Greener Communities program empowers the region to create more sustainable communicates by funding smart growth practices, like making available up to $5,000 for adopting streamlined permitting for EV charging stations.
Other states that provide incentives or rebates are Georgia, Delaware, Missouri, Oklahoma, and Texas (check out the EV Connect Website for a full list of states and their respective benefits). The federal government provides a tax credit for 30% of the cost of charge station infrastructure, up to $30,000, with the Alternative Fuel Infrastructure Tax Credit.
Collecting payment from EV drivers: Some charge station hosts charge EV drivers just enough to recoup their electricity costs, while others don’t charge at all because they want to make EV charging a benefit to their employees, guests, tenants or constituents who drive electric cars. Others, still, charge a premium to generate revenue. It’s up to each individual business how they wish to manage this opportunity. EV Connect can assist clients on establishing pricing policies to meet their goals.
Utilize management services: A charge station network operator, including EV Connect, can provide customers with a login so they can manage their charge station network themselves, but we’ve found that most companies do not want to devote employees’ time to dealing with EV chargers. EV Connect offers complete management services, including network software products, consulting services, customer and driver support, charge station operation, and ongoing maintenance. These operations are designed to help our clients develop, manage and maintain a cost-effective charge station program, saving them precious time and money.