One of the biggest perks of EV ownership is the ability to charge from the comfort of home. But the costs for installing a home charging station can add up—good news, though! There are tons of incentives out there to help you save. From tax credits to utility perks, we’ll walk you through everything you need to know to cut down on costs and make home charging as budget-friendly as possible.
The U.S. government is making it easier (and cheaper) to set up a home charging station with a 30% tax credit on your equipment costs—up to $1,000. Think of it as a little thank-you from Uncle Sam for driving green!
How to claim it: At tax time, you’ll need to fill out IRS Form 8911. Just save those receipts, and let your accountant or tax software take care of the rest. It’s a small step for you, but a big one for your wallet!
Beyond Uncle Sam’s tax credit, your state might have even more goodies to offer. Every state has different incentives, but here’s a peek at what’s out there:
Tip: States change their rebate programs often, so check your state’s website for the latest scoop on what you can save.
Don’t forget to check in with your local power company. Utility companies across the U.S. are offering rebates and discounted rates for EV owners, and some even pay you back to install a charger. A few to know:
TOU plans are a big win for EV owners who want to charge smarter, not harder. With TOU rates, electricity costs change based on demand—charge at night when demand is low, and you’ll pay less per kWh.
How it works: Let’s say your utility’s off-peak rate is 10 cents per kWh at night, compared to 20 cents during the day. A full charge for your EV might cost $5 at night but $10 during peak hours. Multiply those savings over the year, and you’re looking at big bucks saved.
Pro tip: Many Level 2 chargers have built-in scheduling features, so set it and forget it—just plug in your car and let the savings roll in.
If you’re going to invest in a Level 2 charger, it’s worth getting one that’s “smart.” Smart chargers connect to Wi-Fi and offer features like scheduling, usage tracking, and even compatibility with utility rebate programs. Smart chargers also help you get the most out of TOU rates by letting you program when to start charging. Just set it to charge during off-peak hours, and you’re golden.
For the truly committed, pairing a home charger with solar panels is the ultimate green energy combo. Solar panels produce energy during the day, and with a home battery, you can save it up for later use. Many states offer incentives for solar panel installations too, so you can double up on rebates and tax credits while minimizing your impact on the planet. Imagine: a zero-cost charge for your EV, powered by the sun!
Between tax credits, state rebates, utility perks, and TOU savings, charging your EV at home doesn’t have to cost a fortune. So, get organized, grab those receipts, and plug into these perks before they’re gone! Here’s to saving green while driving green.
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Published November 12, 2024 12:39AM
Eveelife is an eco-oriented lifestyle platform that helps consumers make more purposeful choices about how they live and what they consume. We do it by curating content and products that help them make more conscious, carbon-free choices while amplifying their EV ownership experience.
