Take advantage of up to 50% in tax credits under the Inflation Reduction Act
In August of 2022, The Inflation Reduction Act (IRA) was signed into law, offering federal tax credits to businesses who invest in Energy Storage Technology and Alternative Fuel Vehicle Refueling Property. Sites hosts and business owners, who upgrade their offerings with respect to EV charging infrastructure, can expect tax credits between 6% and 50% from the purchase price of such investments. When designed and implemented correctly EV charging will drive recurring revenue through enhanced retail traffic.
Assuming the qualifying investments are placed in service before January 1, 2025, business owners can expect a tax credit commensurate to between 6% and 50%.
What are the key benefits for site hosts?
- Offset up to 50% of total project costs
- Attract new EV customers
- Increase revenues by introducing EV charging activity
- Become a part of the local/national EV charging network
- Remain one step ahead of the competition
- Meet your sustainability goals
How much can I save?
The short answer is 6%-50%. Most businesses can offset up to 30%. If the manufacturer of the equipment and systems installed can certify that at least 40% of the steel, iron or manufactured product was produced in the U.S., then the tax credits can increase to 40%. An additional 10% for a total tax credit of 50% can be applied if the site is located in an area involved in coal, oil, or natural gas.
How can we help?
Sparkion and its partner network can help energy service companies, fueling stations, convenience stores, retailers and others to plan for EV charging along federally designated AFCs for charging infrastructure every 50 miles. We can help you navigate the fine print and local regulations and ensure you maximize your incentives for a smooth transition to EV charging.