EV Charging Incentives: Harnessing Financial Support for Clean Transportation
Embarking on the journey toward sustainable transportation with EV charging is surprisingly cost-effective. A variety of financial incentives—including tax credits, rebates, and grants provided by governments and utility companies—can significantly lower the cost barrier and accelerate your path to a greener future.
To discover the incentives you’re eligible for, begin by picking the product category that interests you and then specify your location using the dropdown menu provided.
Your enterprise has the opportunity to tap into substantial federal support with the US Environmental Protection Agency’s (EPA) allocation of $500 million through the Clean School Bus (CSB) Rebate Program 2023. This initiative is tailored for school districts, charter schools, tribes, private school bus contractors, and qualified third parties, aiming to promote the deployment of clean and zero-emission school buses, including the procurement and installation of L2 and DC fast chargers. With potential reimbursements ranging from $145,000 to $345,000 for each bus-and-charger package, the program bases its awards on a lottery system, with the application deadline set for January 31, 2024.
Further energizing the electric vehicle (EV) infrastructure, the National Electric Vehicle Infrastructure Formula Program dedicates $5 billion to develop charging facilities along 75,000 miles of national highways. To be eligible, your facility should be situated no more than one mile from an established alternative fuel corridor and adhere to additional specific criteria.
Businesses seeking to enhance their EV capabilities can also benefit from the 30C Alternative Fuel Infrastructure Tax Credit, offering a 30% credit of up to $100,000 for the installation of EV
charging infrastructure. To be eligible, installation must occur between January 1, 2023, and December 31, 2032, and the credit must be claimed on your federal tax return.
Updates on new eligibility criteria are expected, contingent upon prevailing wages and the geographic location of the installation.
While EVOCNA is disseminating information about this tax credit, it is not responsible for the issuance or any challenges that may arise from claiming the credit.