RCLCO Real Estate Advisors: "The onus is on real estate owners to provide new charging stations"
Robert Charles Lesser & Co., LLC (RCLCO)[i] is a real estate advisement company that assists developers, investors, the public sector, and non-real estate organizations in making “strategic, effective, and enduring decisions about real estate.”
In RCLCOs recent report, “Electric Vehicle Charging Station Strategy for Real Estate Implementation in the United States,”[i] the company highlights four major points regarding the real estate industry and electric vehicle charging stations:
“Rapid growth in electric vehicle (EV) sales requires significant new charging infrastructure: the onus is on real estate owners to provide these new charging stations."
“Demand for EV charging is likely to shift, with greater need for charging in multifamily, office, retail, and hospitality locations.”
“Real estate owners who stay ahead of the curve by installing early can benefit from enhanced positioning opportunities, reduced costs, and new revenue streams.”
RCLCO’s fourth point comes into play with installation costs – one of, if not the most, important aspects of charging the EV revolution.
When it comes to installing EV charging stations in general, but especially in the wake of COVID-19, the most common questions companies like ours encounter with clients revolve around cost. Luckily, as RCLCO reports, “commercial incentives tend to be significant, often covering 50%-100% of all EVC hardware, make-ready, and ongoing service costs and station and/or infrastructure installation.”[i]
If you are a New York State business reading this – you are in luck! These types of incentives and many more are waiting to be used by you! Courtesy of the National Conference of State Legislatures (NCSL)[ii], anyone can use their online interactive map to figure out which rebates and incentives related to EVs are available in their state. The following incentives are available now for businesses and EV drivers in New York State. But first, why are these programs important right now if mass EV adoption is projected to occur over the next 5-10 years? Aside from the fact that they cover up to 100% of project costs, it is important to understand that these programs are temporary. Not only does the money available not last forever - it is running out fast. If you're interested in knowing which of your properties qualify for these programs, reach out to us today!
For Businesses and Business Owners
Charge Ready NY EVSE Rebate: NYSERDA’s Charge Ready NY program[iii] offers rebates to public and private entities for purchasing and installing Level 2 chargers at public parking facilities, workplaces, and multiunit dwellings. Rebates fund the charging stations and cover up to $4,000 per port. Contact Livingston Energy Group to find out if your business is eligible for this program today!
EV Make-Ready Program EVSE Rebate: The Joint Utilities of New York[iv], compromised of Central Hudson Gas and Electric Corporation (“CenHud”), Consolidated Edison Company of New York, Inc. (“Con Edison” or “ConEd”), New York State Electric & Gas Corporation (“NYSEG”), National Grid, Orange and Rockland Utilities, Inc. (“ORU”), and Rochester Gas and Electric Corporation (“RG&E”), provide electric service to over 13 million locations statewide and currently offer the Make-Ready program. The Make-Ready program[v] offers rebates to public and private entities to purchase and install Level 2 chargers at public parking facilities, workplaces, and multiunit dwellings. Rebates fund the electrical work needed to install stations and cover up to 100% of installation costs. Contact Livingston Energy Group to find out if your business is eligible for this program today!
Heavy-Duty Advanced Vehicle Purchase Voucher: NYSERDA offers vouchers for purchasing heavy-duty trucks and school buses running on alternative fuels, including 80% of the costs up to $150,000 for a battery-electric school bus, shuttle, or transit bus, 95% of the costs up to $185,000 for a battery-electric truck, 90% of the cost up to $120,000 for a plug-in hybrid electric truck, and 90% of the cost up to $55,000 for a hybrid electric truck.
Alternative Fueling Infrastructure Tax Credit: Under New York Tax Law 187-b, an income tax credit is available for 50% of the cost of alternative fueling infrastructure, up to $5,000. Qualifying infrastructure includes EVSE. Unused tax credits may be carried over into future tax years. The credit expires on Dec. 31, 2022.
EV Rebate Program: The New York State Energy Research and Development Authority (NYSERDA) provides rebates of up to $2,000 to purchase or le chase a new EV.
EV Emissions Inspection Exemption: EVs powered exclusively by electricity are exempt from state motor vehicle emissions inspections.
HOV Lane Exemption: Through the Clean Pass Program, eligible EVs may use the Long Island Expressway HOV lanes, regardless of the number of occupants in the vehicle. This exemption expires on Sept. 30, 2025.
EVSE Smart Charging and TOU Incentives: Under Con Edison’s voluntary TOU rate, residential customers will pay a reduced price for electricity used during the designated off-peak period. Customers who register an EV with Con Edison and are participating in the voluntary TOU rate are guaranteed to pay no more than the standard electric rate. Con Edison EV customers can receive up to $500 annually for installing a connected car device provided by Con Edison that tracks driving and charging habits and by charging during off-peak hours. The utility also offers an incentive to DC fast charging operators and a reduced electric rate to certain businesses, including those who install publicly accessible quick charging EVSE.
Stay Ahead of the Curve with Livingston Energy Group
Livingston Energy Group offers businesses like yours various program options allowing us to curate the project's plans to the individual needs of each property, assists in helping your properties become more eco and carbon-friendly, and prepares your locations for the EV revolution to come. If you would like to learn more about Livingston's programs, these incentives, and how much funding your property qualifies for, please email us at firstname.lastname@example.org or give us a call at 518-691-3073!
[ii] Hartman, Kristy, and Laura Shields. State Policies Promoting Hybrid and Electric Vehicles, National Conference of State Legislatures (NCSL), 6 Nov. 2020, www.ncsl.org/research/energy/state-electric-vehicle-incentives-state-chart.aspx.
[iii] “Charge NY.” NYSERDA, The New York State Energy Research and Development Authority (NYSERDA), 2020, www.nyserda.ny.gov/All-Programs/Programs/ChargeNY/Charge-Electric/Charging-Station-Programs/Charge-Ready-NY.
[iv] “About the Joint Utilities of New York.” Joint Utilities, 2020 The Joint Utilities of New York, 2020, jointutilitiesofny.org/about#:~:text=The%20Joint%20Utilities%20are%20comprised,Orange%20and%20Rockland%20Utilities%2C%20Inc.
[v] “EV Make-Ready Program.” Joint Utilities, 2020 Joint Utilities of New York, 2020, jointutilitiesofny.org/ev/make-ready.