EV Chargers and Dealership Financial Incentives
For your dealership, the increasing emphasis on electric vehicles (EVs) provides opportunity, including capitalizing on the growing need for infrastructure to keep EVs on the road. If you know where to look, you can procure substantial financial assistance as you make the move toward the future of EVs. Find out how Future Energy can help your business understand the relationship between the installation of EV chargers and dealership financial incentives.
Moreover, your dealership needs to develop strategies for avoiding unexpected charges and controlling operating costs. EV charger power management for auto dealerships is a critical part of managing your transition to electric vehicles.
Embracing the Future of Transportation
According to the US Environmental Protection Agency (EPA), the transportation sector is responsible for the largest share of the production of greenhouse gases. These harmful emissions come from burning fuel in our vehicles. More than 90% of fuel for transportation is petroleum-based.
The federal government, states, and municipalities are encouraging movement away from gasoline-powered vehicles. As a result, a number are offering monetary incentives for consumers and businesses to promote EV use. And the available money extends to EV infrastructure, including electric vehicle chargers. At least 47 states and the District of Columbia offer some kind of incentive to install EV chargers, according to the National Conference of State Legislatures.
It can be complicated to acquire the money that is available for your dealership. The first step is to uncover all available incentives. But then, applying for the money and filing the necessary paperwork has to be done the right way. Future Energy helps guide your dealership through the entire process of installing an EV charging environment while maximizing financial opportunity.
Uncovering Federal Incentives
President Biden’s American Jobs Plan calls for a national network of 500,000 charging stations as part of a $15 billion investment into EV infrastructure. The plan combines grants and incentive programs for state and local governments as well as the private sector.
New Federal Actions
In April of 2021, three US federal agencies announced several new actions to try to accelerate public and private acquisition of electric vehicle chargers.
For one, the Department of Transportation provided guidance on how to use grants to improve charging infrastructure. Additionally, the Department of Energy announced funding and partnerships for research and development related to EV chargers. Last, the General Services Administration declared progress on its goal to transition the federal fleet to electric.
If your dealership is interested in EV chargers for sale, now is a great time to investigate comprehensive EV charging solutions. An EV charging environment such as ChargeParc ™ provides equipment, guidance on infrastructure installation, and ancillary features. Moreover, Future Energy helps identify and procure grants and credits to cover up to 90% of your total costs.
Federal Tax Credits
Currently, the US federal government offers a tax credit for the installation of EV charger hardware. Your dealership can earn up to $30,000 in tax credits for the purchase and installation of a qualifying EV charging station. Currently, you must purchase and install the EV charger by December 31, 2021.
Additional Federal Funds
Also, the EPA has distributed funds to individual states as a result of its 2016 settlement with Volkswagen.
The settlement required Volkswagen to provide $2 billion in grants through its Electrify America plan. The plan supports the creation of a nationwide network of community and highway EV chargers.
Locating EV Charger Funds in Your State
A multistate action plan recommends the establishment of award programs to recognize dealerships that accelerate EV adoption. Incentives vary by state, as these examples illustrate:
New York
New York state is supporting investment in EV charging infrastructure through two complementary programs. Its Charge Ready NY Program helps fund the physical EV charging units.
Simultaneously, money is available through its Make-Ready Program, which offers $700 million in incentives for investment in charging infrastructure. Your New York dealership could be eligible for reimbursement of up to 100% of electrical infrastructure. This includes upgrading existing conduits or running additional power lines.
Michigan
Michigan is using its money from the Volkswagen settlement to fund $9.7 million in grants through its Charge Up Michigan Program. You could qualify for an award up to $70,000 per EV station location or up to one-third of your total equipment cost.
Connecticut
The Connecticut Hydrogen and Electric Automobile Purchase Rebate (CHEAPR) provides rebates to both consumers and dealerships for the purchase of EVs. The program offers up to $5,000 to Connecticut residents who purchase an EV. But the dealership benefits as well, receiving an incentive of $300 for each EV that receives a consumer rebate.
California
In July of 2021, California offered another program to try to meet the goal of making all new vehicles zero emission by 2035. Funded for at least $164 million, the California Electric Vehicle Infrastructure Program provides incentives for businesses to install EV chargers. For instance, your dealership could receive a rebate up to $80,000 for the installation of a level three charger.
Working with an Approved Partner like Future Energy
Many states require your business to work with an approved vendor to participate in grant and incentive programs. For example, New York’s incentive programs require you to work with a contractor the utility has approved. As an approved partner, Future Energy helps you submit all the required documentation to maximize your business’s relationship with EV chargers and dealership financial incentives.
Capturing EV Charger Incentives through Your Local Utility
In many states, your local utility can help offset the cost of EV charging stations in several ways:
- Offsetting installation cost through a direct grant.
- Offering a rebate per EV charging port.
- Providing a lower rate on energy consumption. Many local utilities will work with your dealership to offer a lower rate for charging during off-peak hours. Additionally, you often can negotiate a lower rate for power consumption for charging EVs.
Connecting Your Dealership Using Interface
To maximize incentives, your local utility will require you to install networked EV charging stations. What does this mean? Your local electric company wants to understand usage and be able to analyze data. As a result, the utility wants you to connect your EV chargers to its network. Future Energy includes an all-inclusive software, known as Interface, in its comprehensive ChargeParc EV charging solution. Maestro not only takes care of networking you to the utility but also integrates all the other systems you have on the premises. Using Maestro’s intuitive visual interface, at any time and on any device you can connect and monitor all of your systems in real time on a single screen. Plus, once your EV chargers are connected, Maestro’s data analytics capabilities help you maximize your resources by monitoring energy use. This allows you to make real-time decisions and avoid potential peak load demand to keep your energy costs low.
Navigating Costs with Future Energy
You don’t want to miss out on how EV chargers and dealership financial incentives can make a difference for your business, but it can be daunting to find and access rebates. Contact Future Energy today to find out how our aggressive pursuit of tax credits, rebates, and grants can help you get started with your EV installation today.
Included with Future Energy’s EV dealership solution
Future Energy’s complete, EV vehicle charging solution delivered as a turn-key environment.
Future Energy’s data visualization and management dashboard that connects all intelligent building systems.
Future Energy’s intelligent building systems solution that integrates your property’s lighting, climate, safety monitoring and more.
Rebates & Financial Incentives
Growing into the world of electric vehicles has never been more affordable or easier. Incentive programs include an array of combinable credits that can potentially cover all of the cost of your EV charging installation. Contact us to find out what funding is available to you.
