EV Charging Infrastructure Tax Credits
Under the Inflation Reduction Act, the following federal tax credits are applied for residential (homeowner) and commercial electric vehicle infrastructure and equipment (EVSE). These credits apply to the construction, installation, electric upgrades and cost of all hardware and equipment needed for charging stations.
Residential Homeowner EVSE Credit
This credit applies to both installation and the cost of the hardware and equipment in your home.
** 30% of cost, up to $1,000 for a charging station **
Commercial EVSE CreditThere is an Alternative Fuel Refueling Property Credit for business and government installations for charging electric vehicles:
30% of cost, up to $100,000 + 20% of cost above $100,000 for each charging station installation in eligible locations*
This applies to the construction and installation of all electric charging infrastructure and equipment needed.
There may as well be state tax incentives and perks available for commercial vehicles - escpecially for fleets.
* locations must be within an eligible census tract as described in IRC Section 45D(e) or not an urban area as defined by the Bureau of the Census. Meaning low-income, economically disadvanted areas.
NEVI requirements were designed to provide convenient, reliable, and affordable charging for electric vehicles. To be eligible for NEVI funding of up to 80% of project costs, locations must:
· Be within 1 mile of established alternative fuel corridor (AFC) interstates and highways
· Accommodate the power requirements for Level 3 DC fast-charge (DCFC) solutions
· Be able to charge four vehicles at 150 kW at the same time
· Cover remaining total project costs (20%)