The electric vehicle market is growing rapidly, with state and local governments, as well as power companies and private authorities, offering numerous incentives for people to switch to EVs. As EVs take hold in nearby New York, there is an additional knock-on effect spurring adoption throughout the Northeast.
Incentives for EV Purchases
In the state of Maryland, electric vehicle tax credits are available to anyone who purchases an EV. We are seeing a strong focus not only on consumer EV adoption, but on companies, transit authorities, and corporate and governmental vehicle fleets to switch to electric.
Incentives for EV Charging Infrastructure Purchase & Installation
All of these new EVs on the roads are going to need an ever more robust EV charging infrastructure, akin to the nation’s massive gasoline station network.
The main Maryland electric vehicle incentive for purchasing and installing new EV charging infrastructure is the Electric Vehicle Supply Equipment (EVSE) Rebate Program 2.0.
According to the state government, the EVSE rebate has a dollar value of:
- Up to $700 for individuals purchasing an EV charger for themselves at home.
- Up to $4,000 for businesses purchasing EV chargers for their employees and customers.
- Up to $5,000 for retail service stations providing EV charging services to the motoring public.
Funding Runs Out Each Year, So Timing Is Important
Unlike Maryland’s electric vehicle tax credit, which is available to anyone who purchases an EV, the EVSE rebate program is funded on a yearly basis, as a block grant (i.e., a specific amount of available funding). This funding can run out if the program is popular. As you would expect given the growth in the EV market and the popularity of Maryland’s electric vehicle incentives, the EVSE program usually does run out of money each year.
According to the Maryland Energy Administration, the fund is already depleted for Fiscal Year 2020, which runs from July 1, 2019, to June 30, 2020.
Panda Restaurant Group Partners with EV Connect to Expand and Manage EV Charging With 30 Dual Port Stations.
Maryland State Incentives
State agencies, federal agencies, and utilities offer a variety of rebates, incentives, and grants that make electric charging even more affordable. Check here to see the programs in Maryland.
What Can You Do
The good news is that we’re coming up on that date quickly, and it’s very likely that new funding will become available for the next fiscal year.
We recommend you use the spring quarter to make a final determination as to the specifics of your EV charging infrastructure investment in order be among the first to apply for funding in Fiscal Year 2021, which begins on July 1, 2020.
Get Professional Help Managing Your EV Charging Network
EV Connect can help you take maximum advantage of Maryland’s electric vehicle tax credits and incentives for your company, fleet, government agency, or transit system.
Additionally, we offer extensive charging solutions to help you easily manage, monitor, and (if desired) monetize your EV charging stations. In addition, our EV Cloud Platform gives you unprecedented control and customization.
Contact EV Connect today to learn more!