The short answer is – Yes!
Making the jump to install Electric Vehicle (EV) chargers can seem daunting and expensive but it doesn’t have to be. In fact, your organization may qualify for funding as much as 50-100% of eligible project costs. There are grants and incentives offered at the federal, state, and local levels. Utilities and private entities also offer programs to help defray the costs of installing charging stations.
These opportunities can vary by state, utility, industry, and many other qualifying factors. They are broken into four major categories: Grant Programs, Utility Incentives, Rebate Programs, and Tax Credits.
Grant applications are filled out before or after the installation project, and you will be awarded a specific amount of funding based on the decision of the grant committee. The application requires the organization's background and a more narrative approach to why the grant committee should fund your project. These funds could be awarded in pieces or at the end of the project, however, it varies by grant type.
Utility incentives are generally provided by government or utility entities that guarantee a specific amount of funds based on qualifications set out by the utility. The more conditions or qualifications you meet, the more funding you will receive for your project.
Rebates are frequently funded by both government and utility entities and programs like these can be beneficial after the installation has been completed. Once construction finishes, your organization needs to provide proof of installation costs in order to qualify and be reimbursed for portions thereof.
There are two types of tax credits available for those who want to pursue EV installation projects: state and federal. State tax credits are dependent on each state, and federal tax credits are available to all states, funding up to 30% of project costs. State and federal tax credits can be combined with one another. As a tax credit, it is important to speak to your accountant to learn more about how you can leverage these credits to reduce liability during tax season.
Each of these funding types has its own unique application requirements, and no two grants, utility incentives, tax credits, or rebates have the exact same conditions. It may seem like a daunting proposition. However, Livingston Energy Group can make the process easier, as we do the legwork for you. We partner with our clients to find every possible funding option available to offset their project costs. Our funding department has exceptional relationships with our utility partners to ensure a reliable and transparent process. Whether you qualify for grants, utility incentives, tax credits, rebates, or a combination of all four, you have funding options when it comes to EV charging installation.