Do you already own an electric vehicle (EV)? If yes, then you’re a forward thinker who invested in the car of the future.
An energy research group, BNEF, predicted that EVs will make up 54% of new car sales by 2040. EVs are also projected to be cheaper than gasoline or diesel engine cars by 2025-2029.
Like your phone, tablet or laptop, you can charge EVs in the comfort of your home. Most electric car owners think that installing a charging station at home or their business would cost an arm and a leg.
California is one of the most progressive states that promote the use of EVs. If you’re still on the fence about whether to set up charging locations around your home, here are 4 state incentives that may change your mind.
The California Energy Commission provides funding for the Electric Vehicle Charging Station (ECVS) Financing Program. This program is part of the CalCAP (California Capital Access Program). Loans enrolled in the ECVS program are used in the purchase and installation of ECVS at small business locations in California.
As a borrower, you can apply at any participating lender for a loan of up to $500,000 that is insurable for up to four years. The ECVS program will contribute 20% of the balance enrolled to the lender’s loan loss reserve account.
CalCAP will provide an extra 10% depending on the location of the charging stations. Multi-unit dwellings or disadvantaged communities are eligible for the 10%.
After you repay the loan, you’re eligible for half of the enrolled amount contributed by the ECVS program. You must pay the loan back with no more than one payment later than 30 days.
Lots of institutions in the State of California offer rebates for the purchase and set-up of EV charging locations.
The Charge Ready Program of Southern California Edison (SCE) can give back 25% to 100% of the base cost of the station. The amount refunded depends on the location. Multi-unit dwellings receive 50%, while disadvantaged communities receive 100%. The utility will also pay for the installation and maintenance of the charger.
Other water and power utilnofollow noopenerities offer rebates. These include Los Angeles, Glendale, Burbank, Pasadena, and Anaheim. The amount paid back ranges from $200 to $4,000 per charger.
3. Discounted Electricity Rates
Several utilities throughout California provide discounted rates, mostly during off-peak hours. PG&E and SCE can offer an EV rate plan that is charged separately from the residential electricity costs. SDG&E has off-peak (6 pm to midnight) and super off-peak (midnight to 5 am) discounted EV rates.
Various city utilities also allow reduced electricity rates for EVs. These include Los Angeles, Rancho Cucamonga, Burbank, Colton, Asuza, and Riverside.
4. Charging Station Credits
Eligible charging locations can generate and sell LCFS Credits. LCFS stands for low-carbon fuel standard. This mandate was first enacted in California to reduce carbon intensity in fuels.
LCFS is a form of emissions trading. Oil refineries and distributors are required to have a certain amount of LCFS credits. One option allowed to producers and refiners, aside from lowering the carbon content of their products, is to buy credits from electric charging locations.
Are you ready to take the future of transportation one step further? Contact us to install an electric vehicle charging location near you.
Shore Break Electric is a full-service electrical contracting company serving residential and commercial customers with professional electricians throughout Seal Beach, Long Beach and Huntington Beach.