Funding & Incentives

Top Utility Companies and State Agencies Offering Incentives to Invest in EV

November 15, 2022

Across the United States, utility companies and state agencies focused on energy and the environment are offering a variety of incentives to encourage people to switch to electric vehicles. Some of the most common incentives include rebates on the purchase or lease of an EV, free home charging, and commercial rebates. Many utilities are also offering grants for transportation electrification projects.

Utility companies and state agencies offer incentives for different reasons. For example, electric vehicles can reduce emissions from the transportation sector, which is a significant pollution source. In addition, electric vehicles can reduce the demand for fossil fuels, which helps keep energy prices low.  

Though the list of utility companies and state agencies offering grants and incentives is long, some stand out above all the rest. Let’s dive into some of the best incentives for going electric around the United States.

California EV Incentives

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California is a massive proponent of electric vehicles, as evidenced by the state’s recent initiative to ensure that all new cars and light trucks sold in the state will be electric by 2035. Some of the rebates and grants they offer include up to $10,000 back for Level 2 EV charging stations installed at residences or businesses. California offers rebates for the purchase or lease of eligible light-duty electric vehicles (EVs), fuel cell electric vehicles (FCEVs), and plug-in hybrid electric vehicles (PHEVs). (Check out the differences between the different types of electric vehicles here.) These rebates are available on a first-come, first-served basis to California residents.

New Jersey EV Incentives

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Electric vehicles have also made a big splash in New Jersey, with more than 80,000 EVs already registered in the state. New Jersey’s generous incentive programs likely play a major role: the Clean Fleet EV Incentive Program in New Jersey offers grants of $4,000 for purchasing battery electric vehicles, $5,000 for public Level-Two chargers, and $4,000 for fleet Level-Two EV charging stations. The program is available to local schools, municipal commissions, state agencies or boards, state commissions, state universities, community colleges, county government, county authorities, municipalities, municipal utility authorities, and state agencies.

Maryland EV Incentives

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Ranked 7th among US states in Zutobi’s EV Preparedness Index, Maryland also is doing its part to motivate residents and businesses to go electric. The state offers purchase and installation rebates for Level 2 EV charging stations to residential and multifamily customers.

Under this program, a residential customer can receive up to $300 back for purchasing and installing a single smart EV charging station. In comparison, multifamily customers could be eligible to receive up to $15,000 per station installed.

Michigan EV Incentives

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Few state governments are prioritizing personal and commercial vehicle electrification like Michigan is; look at the state’s detailed and transparent EV transition programs. If you live in Michigan and want to save money, consider installing a Level 2 or DCFC station. Residential customers can get a $500 rebate for installing a qualified Level 2 EV charger.

In contrast, commercial customers could receive up to $5,000 per Level 2 EV charging station and up to $70,000 per DC fast charging station installed.

Colorado EV Incentives

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Having set a goal of 940,000 electric vehicles on the road by 2030, Colorado is also ensuring its residents get money back from the state through a tax credit when they buy electric cars. The break only applies to the extra amount you spend compared to a gasoline or diesel truck manufacturer’s suggested retail price, and the car must be new. If you lease, the minimum term is two years.

Connecticut EV Incentives

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Good news for aspiring EV drivers: the Connecticut Hydrogen and Electric Automobile Purchase Rebate Program (CHEAPR) offers rebates to eligible residents who purchase or lease a new electric vehicle. The rebate amount varies by vehicle, with additional discounts for applicants meeting specific income-qualified programs. Even better news: the state launched a nine-year program to support charging station infrastructure growth in January 2022.

Utah EV Incentives

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If you’re an electric car owner in Utah, Rocky Mountain Power offers a few incentives that will help reduce the overall cost of ownership. Residential customers can receive up to $200 back for purchasing and installing a Level 2 EV charger. For business owners, there are two options: Either receive $1,000 back for a single-port charger or up to $1,500 for multiple ports. As if those weren’t enough savings already, if you qualify for the DCFC (direct current fast charge) station purchase and installation rebate program, you could save between $30k-$42k!

Massachusetts EV Incentives

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Massachusetts residents can get up to $2,500 back when they purchase or lease an eligible all-electric vehicle and up to $1,500 for a plug-in hybrid under the state’s EV Rebates program. But in 2023, that all-electric incentive will grow to $3,500! Those interested must apply within three months of their car’s purchase or lease date and maintain ownership for at least 36 consecutive months.

Vermont EV Incentives

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Electric vehicles are becoming increasingly popular in Vermont, with several state and local agencies offering incentives for residents and businesses to invest in them. The Vermont Electric Co-op provides a $250 rebate for members who purchase a new or pre-owned plug-in hybrid electric vehicle, and Green Mountain Power offers residential and business customers rebates of $1,500 – $2,000 for the purchase of new all-electric vehicles. The Vermont Public Power Supply Authority also offers rebates of up to $1,000 on purchasing a new all-electric vehicle, and Stowe Electric offers customers rebates for purchasing or leasing EVs.

Are you interested in learning more about EV Charging infrastructure, incentives, and funding? Join us at the upcoming EV Charging Summit & Expo.

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