We’ve got more good news for those shopping for an Electric Vehicle (EV). Last week we described the new EV rebates, which can save you money on the purchase of an EV.
This week, we are excited to announce new support for installing EV charging in your home. Prices for residential EV chargers can reach $1000, while installation can add anywhere from $400 to $1700, depending on your home. Fortunately, there’s a lot of great incentives to support this step:
– The NJ Board of Public Utilities is developing a program to provide incentives up to $250 for in-home EV charging units. You can sign up to follow this development here.
– The PSE&G residential EV program provides up to $1500 toward the behind-the-meter installation of a charger in your home. This includes your electric panel and switchgear, which sometimes need to be upgraded to accommodate an EV charging unit. Sign up to receive alerts by emailing PSEG-Electric.Vehicles@pseg.com as this program is developed, but know that the program includes installations done in 2021.
– PSE&G also commits up to $5,000 to pole-to-meter infrastructure, including the power lines and transformers. This is important to ensure the utility can accommodate increased electrification.
– Keep your receipts from 2021 and claim a US Federal Tax Credit to get 30% off the costs for an EV charging station and installation up to $1,000.
That’s not all. Commercial customers are eligible for other PSE&G incentives, which include up to $30,000 toward behind-the-meter installation and up to $10,000 for pole-to-meter upgrades, as well as the federal tax credits. Bring these ideas to your employer and you might skip needing to install a charger at home.
As with all incentive programs, make sure you read the fine print and follow the instructions to get your savings.
And don’t forget, personal chargers aren’t a necessity with EVs. Depending on your use, a trickle charge from a standard home outlet might suffice.
