Electric Vehicles: Benefits, Tax Incentives, & Powering with Solar
Electric Vehicles are becoming the norm now. Their range is increasing and the cost of them is becoming more and more affordable. Also, there is a larger variety of options to select from to suit your needs. Electric Vehicles are an excellent way to reduce your carbon footprint and take another step toward a green lifestyle. Electric Vehicles have numerous benefits, tax incentives, and can even be powered by clean energy, through your solar system.
Benefits of Electric Vehicles
Financial Benefits: The cost of electric vehicles is continuing to come down, and there are government credits that make it even more enticing to purchase one. You can receive between $2500 and $7500, in tax credits, for purchasing a new electric car based on the size of it and the capacity of its battery. Another financial benefit of electric vehicles is they are less costly to fuel. On average, to charge an electric vehicle for the year costs 1/3 of what it costs to fuel a gas or diesel vehicle. Lastly, electric vehicles are cheaper to maintain than their gas and diesel counterparts. They have fewer moving parts than conventional vehicles which means there is less to replace and maintain. The biggest maintenance cost will be the battery if it needs to be replaced. However, most batteries have an 8-year warranty to keep you covered.
Environmental Benefits: Electric vehicles emit zero exhaust emissions, which are big contributors to pollution. Also, they are starting to be made with more eco-friendly materials. Many electric vehicles use recycled plastics and bio-based materials for the padding and bodywork of the vehicle. Additionally, since electric vehicles pollute less, driving one is good for your health. Less pollution means less toxins to breathe in. This leads to fewer health complications and a better quality of life. Lastly, electric vehicles are significantly quieter than their gas and diesel counterparts. This in turn provides less noise pollution which allows everyone to have more peace when at work, on the road, and at home.
Fun to Drive: An electric vehicle can increase the fun you have while driving as they have more torque and a faster response time than conventional vehicles. This means that you can get up to speed faster and leave the conventional cars in the dust. Also, they are low maintenance which means you spend more time on the road and less time in the shop. Another reason they are fun to drive is because of how safe they are. Electric vehicles tend to have a lower center of gravity which makes them less likely to roll. Lastly, the risk for major fires or explosions is less due to them having fewer moving parts. Therefore, you can drive worry free when behind the wheel of an electric vehicle.
Tax Incentives
Residential: If you purchase electric vehicle charging equipment for your home, there is a 30% tax incentive available up to $1,000. Having electric vehicle charging equipment at your home is a great way to get the most out of your vehicle and have it ready for the adventures of the day. You must purchase and have the equipment installed by December 31, 2020 to be eligible to receive the tax incentive. Do not miss out on this great opportunity!
Commercial: Electric vehicle charging equipment at your commercial location is a great way to bring in customers and increase their dwell time. Plus, you can receive a tax credit of 30% of the equipment and install cost up to $30,000! This incentive is a great way to offset the cost of purchasing and installing the equipment. You must have the equipment purchased and installed by December 31, 2020 to be eligible to receive the incentive. This is a great opportunity for your commercial property!
Powering With Solar
Electricity Usage:
We can help you determine the electricity usage of your electric vehicle, or future one, when sizing your solar system. We would need to know the electric vehicle you have, or are planning to purchase, and your average daily mileage. It’s that simple! If you would like to prepare your solar system for your future electric vehicle you can install an inverter that can handle more power, utilize microinverters, add additional panels to your current system, or build an additional solar system.
Inverter:
If you install an inverter that can handle more power, you will want to know the number of panels that you plan on adding. String inverters are the most common with solar systems and the solar panels are arranged in strings which feed into the inverter. The inverter is then sized for the output of those solar panels only. Therefore, if you go this route you will need to make sure that the inverter can handle your current solar panels and the ones you plan on adding in the future.
Microinverters:
Another option is to install microinverters with your solar panels. In this scenario, each of your solar panels has its own inverter. Therefore, adding extra panels in the future is easily done without needing to have an inverter that can handle more power than what you originally installed.
Additional Solar System:
Installing an additional, smaller, solar system is also an option but only if you have the room for it. You could install a smaller roof or ground mount to meet the energy needs of your electric vehicle. The good news is that you can claim the federal tax credit for solar more than once so you can save even more! You can also initially build a larger system that will accommodate your future needs. However, some utilities will not approve a system that is significantly larger than your current needs.
Energy Efficient:
Lastly, there are other ways that you can make your home more energy efficient. This will in turn make more room for your future electric vehicle energy needs. You can switch out light bulbs for energy efficient ones, use a programmable thermostat, upgrade your appliances, and improve your home’s insulation.
Electric vehicles are not just a fad, they are here to stay! If you own an electric vehicle, or a business, and want to install an electric vehicle charging station reach out to us today! We can help you determine the best option and go over the incentives available.
As electric vehicles become more popular, the demand for EV chargers is growing fast. Every day, more EVs hit the road, and businesses are starting to take notice. Installing EV chargers at your location is a smart move—not just to keep up with the rise of electric cars, but also to show that you’re forward thinking and environmentally friendly. We've put together a list of the many benefits to installing EV chargers!
Utility costs are on the rise and there’s no sign of them slowing down. Consumers are feeling the pressure of constantly climbing electricity rates. As inflation continues to affect nearly every industry and energy demand increases, utility companies are charging more, which means your bills are getting higher. In fact, many experts agree that utility prices will only continue to increase, making it harder for households and businesses to keep their budgets under control. NYSERDA provides detailed information on historical energy rates throughout New York State for example. These patterns follow the same trends nationwide.
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