Rebates and Financing Available to Install Electric Vehicle Charging Stations
Small businesses and apartment owners can get financing and sometimes rebates for installing electric vehicle chargers for use by their customers, employees and tenants through a new program offered by California. The Electric Vehicle Charging Station (EVCS) Financing Program is funded by the California Energy Commission and operated by the California Treasurer's Office.
Here's how it works: A business applies for a loan, say $10,000, through a participating lender to install an electric vehicle charging station. The EVCS Program contributes $2,000 to a lender's loan loss reserve to cover any loan defaults. After the lender repays the loan, or after 48 months with no more than one late payment, the borrower is eligible for a rebate of half of the loan loss contribution, in this case a rebate of $1,000.
The rebate can be even larger if the borrower installs an electric vehicle charging station in a multi-unit dwelling, such as an apartment complex, or in a disadvantaged community, either economically distressed or challenged by air pollution. On a $10,000 loan, a borrower can get a $1,500 rebate after repaying the loan or after 48 months of timely payments.
Know someone who may be interested? Find out more about the program here.