Recently, both California and Washington state announced legislation that would end new fossil fuel cars after certain dates, as the US seeks to become less dependent on fossil fuels. This trend is nothing new and is becoming more commonplace throughout the world.
In order to support this transition, tax credits are being offered nationally to help interested buyers afford EV vehicles as well as the setup needed for them. This means not only are there tax incentives to help with the purchase of the vehicle, but if you need help for the EV charger installation there is help for that as well.
It has never been a better time to purchase a new electric vehicle, or to get the EV charger needed to charge a vehicle installed at your home or business. If you have been thinking about transitioning from a gas powered vehicle to an electric one, or offering an EV charger at work for your employees, there are many incentives available to reduce your out of pocket costs.
Federal Incentives Available
Tax credits are available at the federal level. The tax credit covers EV charger hardware and installation. These incentives cover up to 30% of the cost of installation, or up to $1,000 for residential chargers and $30,000 for commercial setups.
This particular incentive is also retroactive, which means that if you’ve already installed the EV charger as recently as 2017, you can still get credit.
Federal incentives aren’t the only incentives available for your EV charger installation. Many utilities also have rebates available for the installation of an EV charger. Washington state has several rebates for EV chargers, localized to individual utilities.
Since incentives vary from utility to utility, it’s best to check the electric utility in your area to see what you may qualify for. This handy link can take you to your state to see what incentives and rebates are available in your area.
Besides utility rebates, your state may also have incentives depending on where you live. State rebates are not as reliable as utility rebates, but states driving for climate goals often have them.
Don’t wait to apply
While there is a huge variety of tax credits and rebates available, most of them expire at the end of the year. There is usually an opportunity for the rebate or tax credit to be renewed, but the only certain way to know you will get that credit is to apply for it within the time period stated.
If you know that you want to install an EV Charger in your home or business, it’s best to act promptly before the new year, and to check for individual deadlines on rebates that may fall outside of this timeline.
A new EV charger can have great benefits no matter where it is located. A home charger can help you make the transition to an EV as an individual, and a commercial one may not only help your employees, but also add to the grid of available chargers. EV chargers are valuable additions to any property, and help take the country forward to a cleaner and brighter future.