The Biden administration has proposed a new rule that would grant tax credits for EV charger installations to both homeowners and businesses.
The credits, known as “30C” in the Inflation Reduction Act (IRA), would be worth up to $1,000 for individuals and $100,000 for businesses for each charger. If finalized, the rule would be very lucrative for businesses planning to install multiple chargers, as well as a way to offset the expenses related to installation.
Nearly 12,000 warehouses would have access to the IRA incentive, as well.
According to Utility Dive, low-income and non-urban census tract areas will be eligible for the tax credits, which is about two-thirds of the U.S.
The proposal specified that installations eligible for the 30C credit include all “functionally independent” components of recharging or refueling property, as well as the equipment necessary to recharge or refuel an EV.
“This new tax credit will further help consumers and businesses across the country make the affordable choice of clean vehicles,” U.S. Deputy Energy Secretary David Turk said in a statement.
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