Given the environmental and health benefits of reducing carbon emissions, it’s not surprising that there are a variety of incentives for business owners and municipalities to electrify their fleets at both the federal, state and even local levels.

It’s a complex space to navigate - state programs vary widely and in some cases, you can’t take advantage of both a federal and state program at the same time - but the payoff can be significant. Hopefully the information below will point you in the right direction.

We LOVE to hear success stories so let us know how if goes!!

Inflation Reduction Act (IRA)

BREAKING!! The recently passed Inflation Reduction Act (IRA) provides unprecedented funding ($500 million) for medium & heavy duty commercial equipment, charging infrastructure and other critical components of the commercial EV ecosystem.

One of the act’s lesser-known credits, the Qualified Commercial Clean Vehicle tax credit, makes owning an electric truck cheaper than owning a diesel one in most use cases, with urban and regional electric trucks becoming cost-superior to diesel ones as soon as 2023. Trucks can travel 100,000 miles per year, and electrification creates significant fuel savings. Even many long-haul trucks that are the hardest to electrify could be transformed.

The commercial EV tax credits differ from the ones for passenger vehicles in a few crucial ways. The IRA includes tax credits of up to $7,500 for light- and medium-duty vehicles and $40,000 for heavy-duty trucks. Those credits don’t come with any requirements for where battery components and minerals can be sourced from or how much vehicles cost, both of which are facets for the passenger EV tax credits. Read our blog post on the new grant landscape here.

To learn more, visit the EPA’s IRA site here.