30 Sep 2022 • 10 mins to read
Small and medium-sized companies always try to find ways to boost their profits and upscale their businesses. With the recent 8.3% inflation rise, energy crisis, and other impactful economic events, there is little wonder entrepreneurs work toward establishing multiple income streams.
How do business owners find new opportunities?
The USA's latest 60% soar in EV sales in the first quarter of 2022, and the prediction that more than 25% of car sales will be electric by 2030, shows a clear path for a profitable business.
Do you know what all these electric cars will need?
EV chargers. The U.S. Department of Energy report states that at least 15,000 public EV charging ports must be installed quarterly by 2030, and an entire network of 500,000 EV chargers will get $7.5 billion in investments. Of course, the demand for chargers is expected to grow about 100 times by 2040. It's time to introduce you to EV charger rebate programs.
Installing EV chargers is a great opportunity for your company to attract new customers, increase the time they spend at your site, put your business on the map, strengthen your reputation, and generate consistent revenues.
The drawbacks – the cost of installing a Level 2 EV charger can vary between $2,700 and $24,000 for a single port and get as high as $130,000 for a DCFC charger (installation cost included). Since its first Energy Policy Act in 2005, the US government has established tax credits to encourage the transition toward hybrid vehicles and hasn't stopped helping residents and businesses with additional incentives. Today, companies can benefit from a federal and utility EV charger rebate program that can cover up to 80% of the equipment or installation costs.
To make it simple: an EV charger rebate is a payment refund offered by the state or utilities meant to cover the equipment and installation costs.
You might think that getting a rebate for installing an EV charger looks like this: you find a rebate program, fill up all the details online, and get approved for incentives. Unfortunately, the reality is different. Applying for an EV charging station rebate is an arduous and lengthy process, with countless documents and requirements. We'll try to walk you through all the stages.
The first and the most important thing business owners should know - every state and utility rebate program has a fixed deadline. Once you miss it, you don't get a second chance.
Usually, you will be required to follow these steps:
Sounds easy for now, but once you open the application form, you get the whole picture. Applicants must provide their personal information, site information (such as type of facility, charging location type, parking type, electric service scenario, etc.), project scope, project financials, and other details. On top of that, participants have to complete a pre-installation checklist, installation checklist, and post-installation checklist to be eligible for a rebate plan.
If a part of the application form includes essential information that anyone can provide without difficulties, submitting the other part will be challenging. You need a contractor proposal with the project cost, a site drawing with EV charger infrastructure location, conduit paths, and a description of futureproofing measures. The requirements are not limited to these parameters.
Keep in mind that failing to provide this information can result in the cancellation of your rebate application. The most common mistakes include:
The outcome is obvious - a lack of available EV charging incentives offered by the state because rebates work on a first-come, first-served basis.
If your business has to file for taxes, you go to an accountant or financial advisor. If you need legal help, you go to a lawyer. If you need to upgrade your software, you ask for an IT professional. But why don't you ask for help to apply for EV charging station incentives offered by the state or utilities?
When you want to upgrade your business, it's time to use the "Blitzscalling" technique, do it NOW, and do it Fast. The easiest way to give life to all your business ideas is to involve professionals and experts that will do the work for you.
At Energy5, we know all the nuances of the EV charger rebates industry inside out. With our FREE consultation, we do the following:
Forget about paperwork, and let's take the burden off your shoulder so that you can focus on other important business tasks.
Experts compare the EV charging business to Bitcoin at its early stage because everyone is afraid and unsure about its future. But the ones who don't scare easily grab the opportunity while it's hot.
If you want a steady and consistent source of revenue, installing EV chargers is the right choice. Besides maximizing your profits up to $2,000 monthly, EV chargers bring new customers, retain the old ones and put your business on the map by expanding your brand's awareness. The electric vehicles industry is predicted to rise by 25% in the next 8 years. Consequently, there should be a supply to meet the demand.
With the right partner, your business can grow quickly with minimal expenses. Energy5 will help you save money, upgrade your business, and develop the most suitable project for a rebate application.
It's time to be decisive today and benefit from incentives that can save you up to 80% of costs. It's time to get an ally and make the journey toward an EV future available for everyone.
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