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, which if designed and implemented correctly will drive material 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 Sites Hosts
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Offset up to 50% of total project costs
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Attract new EV customers
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Increase revenues by introducing EV charging activity
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Become a part of the local/ national EV charging network
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Remain one step ahead of the competition
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Meet your sustainability goals
How much can I save?
The short answer is 6%-50%. Most business 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 that is a component of the equipment was produced in the US, then the tax credits can go up to 40%. An addiConal 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 ESCO’s, fueling stations, C-stores, Retailers, and others to plan for EV charging sites that can take advantage of federal tax credits offered under the IRA. We can help you navigate the fine print and the local regulations to make sure you get all the incentives you can qualify for in order to make smooth transition to EV charging.