Sales of electric vehicles (EVs) are surging, while new car sales overall are skidding, according to Kelley Blue Book. You likely have more questions than answers about how the EV revolution and EV charger integration will affect business. How will you be able to power a full inventory of electric vehicles? In part due to … Read more
There is a nationwide push to install EV charging stations. In December of 2021, the Department of Energy and Department of Transportation joined forces to accelerate the creation of a network of EV chargers across the US. As a result, there are many financial incentives available for businesses pursuing their plans for EV charging station installation.
On average, the EV charging station installation cost for a level-two station is about $6,000 per port, according to Future Energy estimates. Level-two chargers are the most common type of commercial charger, using a 240-volt outlet and giving EVs approximately 30 to 50 miles of charge per hour.
Yet you don’t have to figure out for yourself what’s available and how to offset costs.
Instead, Future Energy’s Financial Incentive National Database (FIND) tool helps us identify 99% of all available money geared toward EV charging installation for your business. Plus, Future Energy helps you to apply for and obtain available money.
What Is Future Energy’s Financial Incentive National Database Tool?
Future Energy’s FIND tool is an extremely accurate database that instantly identifies all possible financial incentive opportunities for any Future Energy client nationwide. The FIND tool provides instant information about hundreds of programs for every state that offers EV charging installation incentives.
Understanding the Value of Future Energy’s FIND Tool
There are funds available to offset EV charging station installation costs at the federal, state, and local levels.
Future Energy can show you how your company can stack the available money to cover 100% of your cost in many cases.
Available funds include tax credits, grants and rebates, and utility rate reductions. There are some programs that provide up to hundreds of thousands of dollars for investment in a level-three charger, otherwise known as a DC fast charger.
The FIND tool reveals to our team a list of all potential financial opportunities. Plus, Future Energy staff specialize in understanding the details of the incentive programs, including qualification requirements, the application process, and the design of construction specifications. As a result, once the FIND tool identifies available programs for your business, Future Energy can help guide you through the process of accessing funds.
Identifying EV Charging Station Installation Incentives in Your State
According to the National Conference of State Legislatures, there are just five states—Kansas, Kentucky, North Dakota, South Dakota, and West Virginia—that do not offer incentives for the installation of EV chargers. However, if your business is in one of them, you can still take advantage of the federal tax incentive.
Future Energy’s FIND tool helps us to identify ways to offset EV charging station installation cost in the forty-five states that do offer programs:
- District of Columbia
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- Rhode Island
- South Carolina
Consolidating and Organizing Information
The information about EV charging incentives is on the websites of your state or local utilities. However, Future Energy’s FIND tool has already organized and quantified these longhand descriptions. The tool instantly provides an organized list with data points that our team can easily read in a customized chart.
How Can My Company Search for Available Funds for EV Charging Station Installation?
Future Energy’s FIND tool can search by state but also has many other parameters to help narrow down what’s appropriate for your business.
Number of Ports
An EV charging port provides power to charge one vehicle at a time. Often, an incentive program will specify a minimum or maximum number of ports in order to qualify.
Only 9.7% of residents in the top 50 most populous cities have access to public charging, according to a report by Mobilyze.ai. To facilitate national goals of improving EV charging infrastructure, many available incentive programs require public access.
Amount of Coverage
Future Energy can use the FIND tool to aggregate information according to the percentage of your project that would be covered. Infrastructure costs can vary widely, depending on whether the utility company needs to lay down new electrical lines, meters, or other hardware. For instance, the FIND tool delineates whether your company can draw power access from the existing power grid or whether you will require additional infrastructure on site.
What Are the Advantages to Working with Future Energy for EV Charger Installation?
The FIND tool quickly identifies financial incentives in every state where they are available. If you are the decision-maker for a national enterprise, the FIND tool provides a comprehensive solution.
Streamlining the Process for National Enterprises
No matter how many states you operate in, your company does not have to search local incentives as a one-off. Instead, you can manage the logistics surrounding financial incentives nationwide for all your locations very rapidly. The FIND tool identifies for us all available funds in every state, and then Future Energy consultants guide you through the various application processes.
Providing Proactive Access to Available Funds
To take advantage of the changing landscape of financial incentives, Future Energy updates its FIND tool often, at least once a week.
Plus, Future Energy identifies funding opportunities proactively. That means Future Energy can identify programs for your business before they hit the market.
As a result, you can fill out and submit your application proactively and even obtain financial assistance prior to the incentive program going live. Funds can become depleted quickly as more businesses become interested in the benefits of installing EV chargers.
Facilitating the Application Process
Your EV charging station project generally has to meet requirements in two ways, and Future Energy can help. First, you will have to meet specifications for electrical infrastructure and EV charger availability. Second, once you have installed your EV chargers, most utilities have an ongoing requirement regarding connectivity. In other words, you must establish a data connection with your utility.
Choosing an Approved Contractor for Your EV Charger Installation
Some states require your business to work with an approved contractor in order to qualify for grants and financial incentives. For example, participation in New York’s Make-Ready Program entails the selection of a consulting partner on the program’s list. An Approved Contractor such as Future Energy can walk your company through installation details, from the application process through construction.
Where Can My Business Access the FIND Tool?
Contact Future Energy today to take advantage of all the FIND tool offers. A Future Energy account executive will walk you through your EV charger project and help shape it around available funds. Future Energy can explain any of the specifications that financial incentives may require. For assistance during business hours, call Future Energy at 585-782-4000 or submit this form.