President Joe Biden’s Inflation Reduction Act, the EV Acceleration Challenge and increased promotion of the Better Utilizing Investments to Leverage Development (BUILD) program provide the charge the electric vehicle and EV charging markets needed to help reach the country’s sustainability goals.
As of April 17, 2023, there are over 3 million electric vehicles (EVs) on the road and more than 135,000 public EV charging systems in the contiguous US. Recent acts help light the road to the aggressive goal of 50% of new vehicles sold by 2030 being EVs.
Inflation reduction act
In a recent press release, the White House offered a brief explanation, stating:
“President Biden’s Inflation Reduction Act adds and expands tax credits for purchases of new and used EVs—helping bring the benefits of clean energy to communities across the nation. The law also provides incentives to electrify heavy-duty vehicles like school buses and includes support for the installation of residential, commercial, and municipal EV charging infrastructure. These incentives complement investments from the Bipartisan Infrastructure Law and other federal initiatives that are spurring the domestic manufacturing of EVs and batteries and the development of a national EV charging network that provides access to low-income and disadvantaged communities.”
The Inflation Reduction Act (IRA) of 2022 provides a number of provisions that will help to accelerate the development of electric vehicle charging infrastructure in the United States. These provisions include the following:
- The IRA provides $7.5 billion in funding for the construction of EV charging stations across the country. This funding will be used to build new chargers and to upgrade existing chargers to make them more accessible and reliable.
- The IRA expands and extends the existing tax credit for the installation of EV charging stations. This credit is now available for both residential and commercial installations, and it has been increased from 30% to 35% of the charger cost.
- The IRA establishes new standards for EV charging that will make it easier for consumers to find and use chargers. These standards will include requirements for charger location, signage and payment methods.
- The IRA provides funding for the research and development of new EV charging technologies. This funding will help to develop new chargers that are faster, more efficient, and more affordable.
For more information on how convenience stores, carwashes and fueling stations can capitalize on the IRA, contact a financial or tax expert.
EV acceleration program
The Biden-Harris Administration’s EV Acceleration Challenge is the latest in a series of federal moves that will aid in a faster transition to electric vehicles by improving and expanding the necessary infrastructure for a cleaner and more sustainable future by increasing the number of public charging stations.
The White House recently called for private and publicly owned stakeholders to dedicate more of their efforts to help with the transition to EVs. This includes convenience store owners, managers and investors.
Convenience store stakeholders can benefit from this program in a number of ways:
- The EV Acceleration Challenge provides financial incentives to convenience store owners who install electric vehicle charging stations. The program is designed to help convenience stores attract more EV drivers and increase sales.
- There are a number of ways that the EV Acceleration Challenge can help convenience store owners. First, the EV Acceleration Challenge can help convenience stores save money. The program provides financial incentives to help cover the cost of installing EV charging stations. This can save convenience store owners money in the long run.
- It can help them attract more EV drivers. As more and more people switch to EVs, convenience stores that have EV charging stations will be more attractive to these drivers. This can lead to increased sales of food, drinks and other goods and services.
- The EV Acceleration Challenge can help convenience stores increase their visibility. When EV drivers see that a convenience store has EV charging stations, they are more likely to stop there. This can help convenience stores increase their brand awareness and attract new customers.
- By participating in the EV Acceleration Challenge and investing in EV charging infrastructure, convenience store owners can also enhance their brand image and position themselves as forward-thinking, innovative businesses. This can help attract new customers and improve customer loyalty.
- Convenience store owners can also demonstrate their commitment to sustainability and environmental responsibility through participation in the program. This can be a selling point for customers who are increasingly conscious of the environmental impact of their choices.
As the development of Level 3 or DC fast chargers continues to decrease EV battery charging times, the investment in systems such as BTC POWER’s 180 All-in-One (AiO) will provide a boost to revenues and aid in customer loyalty.
Submissions for those businesses and organizations that choose to participate are accepted by the EV Acceleration Challenge on a rolling basis. The White House will be highlighting many of these submissions. Submit a commitment to the EV Acceleration Challenge.
This post is sponsored by BTC Power