Electric vehicles (EVs) are here, and more are coming: A recent report from Lucintel on the EV market forecasts a compound annual growth rate of 29% from 2021 to 2026. A number of factors account for this rise, including President Biden’s proposed $174 billion investment in the U.S. EV market, the increasing availability of public … Read more
In 2019, New York announced its intention to achieve net-zero greenhouse gas emissions by 2050, and companies such as Future Energy are facilitating the transition. New York’s Climate Leadership and Community Protection Act strengthens a 2013 memorandum of understanding among eight states that pledged to get 3.3 million electric vehicles on the road by 2025 with programs and subsidies like Charge Ready NY.
But an electric vehicle (EV) needs places where it can charge. New York thus set a goal in July 2020 of installing 10,000 electric charging stations by the end of 2021. This goal served as an extension of Charge NY, a program of the New York State Energy Research and Development Authority (NYSERDA). Pursuing this objective, NYSERDA unveiled its Charge Ready NY EV charging program to encourage commercial entities to buy and install stations.
Savvy EV drivers plan trips with charging breaks in mind. So for commercial enterprises, multifamily buildings, and municipalities alike, EV charging stations are good for business.
Cost to Install an EV Charging Station with Charge Ready NY
Companies that are considering installing charging stations have a common question: How much does an EV charging station cost?
Breakdown of EV Charging Station Costs
Commercial EV charging installation cost falls into several categories: equipment, infrastructure, “soft” costs, and software.
Equipment and Infrastructure
A charging station acts as a point of transfer from power grid to vehicle. Typically, electric charging stations have one or two ports that supply electricity through their connection to a power source. An EV charger installation may be able to use an existing power conduit, or it may require an upgrade in infrastructure.
Commercial enterprises rely on Level 2 or Level 3 charges for their EV charging station ports. Level 2 charging involves a 240-volt port and needs three to six hours to charge a battery fully. Level 3 charging, or direct current fast charging (DCFC), provides up to an 80% charge in about 30 minutes.
According to market data obtained by NYSERDA, a Level 2 port averages $6,500: $3,200 for equipment and $3,340 for infrastructure installation. For DCFC, costs range from $67,500 for a 50-kilowatt plug to $100,000 for a 150-kilowatt port, with roughly half toward equipment and half for installation.
Some businesses may wish to stripe parking lines, add bollards to protect the station, and add signage.
To qualify for EV charging station incentives, the owner of an EV charging station must install cloud-based software to connect to the broader network of state utilities. This network allows the utility company to collect and analyze data to improve the system and study demand.
Methods for Cost Reduction
NYSERDA has found significant economies of scale for businesses that wish to install multiple charging stations. For example, a business with eight EV charging plug installations sees a 50% reduction in cost per site.
Furthermore, costs vary by location. New York City sites cost 82% more than locations upstate.
Commercial enterprises that plan wisely can reduce their costs substantially. In addition to federal tax write-offs, incentives from the state of New York cover up to 80% of the project, according to Future Energy’s data.
Cost Savings from New York
The state of New York offers two complementary programs that provide EV charging station incentives.
Charge Ready NY
NYSERDA has committed $17 million to Charge Ready NY. The program offers $4,000 rebates per port to organizations that install Level 2 chargers. An additional rebate of $500 per port is available to chargers installed in areas defined as disadvantaged communities, a designation that covers nearly all of New York City.
EV Make-Ready Program
To complement charging station programs for equipment installation, the Joint Utilities of New York offers the EV Make-Ready Program to help businesses with electrical infrastructure. Dubbed PowerReady by utility company ConEdison, the program covers up to 100% of infrastructure cost.
Requirements for EV Charging Station Incentives with Charge Ready NY
Understanding how to stack available EV charging station incentives at the federal, state, and local levels sometimes gets complicated. As an approved New York vendor, Future Energy helps businesses identify and procure applicable funding to minimize EV charging installation cost.
Future Energy also assists with project planning to ensure businesses fully understand regulations and submit the necessary documentation to apply for grants and credits. And with a new local office in New York, Future Energy can help answer residents’ common question: “Where can I find EV charger installers near me?”
A Complete Charging Environment from Future Energy
Recognizing an EV charging station as more than a piece of hardware, Future Energy provides a complete charging environment that integrates data. This solution, ChargeParc™, maximizes value for businesses while serving end users.
The ChargeParc™ Environment
ChargeParc™ emphasizes safety and security through features such as lighting solutions and security cameras. These features can help lower insurance costs.
Furthermore, all of ChargeParc™’s devices hook into Future Energy’s unique software platform, Maestro ™. Data collection and management are critical to the success of an EV station environment and can help with energy management.
A business’s peak load of electricity determines the energy rate on its electric bill. Managing this peak load demand proactively is critical to controlling the supplemental energy costs of electric charging.
Maestro ™’s power management program tracks this demand, manages power distribution throughout a company’s system, and synchronizes all of a company’s electrical devices.
Data Analytics through Maestro ™
Data collection and analytics provide further benefits. Businesses can use Maestro ™ to track metrics such as unique visitors to a charging station, revenue collected, and other trends.
Maestro ™ also combines all of a business’s disparate systems into one data visualization. New opportunities for data regarding marketing, energy efficiency, and security come together on one easy-to-read screen.
The ChargeParc™ environment is helping municipalities, retailers, and commercial real estate owners alike improve their business analytics while promoting a message of global sustainability.
Smart Solutions from Future Energy
Are you a New York company thinking about installing an EV charging station through Charge Ready NY? Find out how Future Energy can help you maximize charging station program incentives.