When it comes to installing electric vehicle (EV) charging solutions, funding can be one of the biggest uncertainties for property owners. The funding process can be complicated and at times confusing, especially for those without prior experience. So, let’s dissect the three most common funding methods and see which may be the best choice for your property.
Method 1: Rebates, Incentives, and Grants
(Little to no out-of-pocket costs)
The first and most lucrative way to fund charger installations involves leveraging available rebates, incentives, and grants. There are millions of dollars available for EV infrastructure in the form of utility rebates/incentives and state or nationwide grants. These funds can significantly offset the costs of designing, installing, and managing chargers, often resulting in property owners paying little to no out-of-pocket expenses. However, accessing these funds can be quite tricky; programs typically require an extensive application process to determine eligibility, which can be difficult for unexperienced property owners to navigate. The awarding process after applications have been submitted can also take some time, resulting in longer installation timelines, which some property owners may not be willing to wait out.
*Keep in mind: Some rebate and incentive programs have specific requirements for program eligibility. Requirements may not align with the property owner’s plans, including the type of charger, placement location, quantity, and timelines.
Visit our rebates and incentives page to discover programs your property may be eligible for.
Method 2: Property Funded
(100% out-of-pocket)
The second and most straightforward method of funding is to have the installation completely property funded. This option allows property owners to pay for as many chargers as they’d like, whenever they’d want. This method can significantly speed up the installation timeline, as properties can skip the often-lengthy approval process tied to receiving external funding. For properties prioritizing quick installations, out-of-pocket payment may be the best option.
*Keep in mind: While this method often results in the quickest installation timelines, it requires a large outlay from property owners.
Method 3: Combination of Both
(Out-of-pocket + Rebate)
The third, and final funding source for EV charger installations is a combination of both out-of-pocket payments and awarded funding. This hybrid approach is often the most feasible and enticing option for property owners. Initially investing in a few chargers to meet current demands through out-of-pocket payment, owners can then wait to install more down the line after receiving external funding. This method helps properties meet current needs while also allowing for future growth, ultimately resulting in lower overall costs compared to completely funding installations out of pocket.
Chargie Is Here to Help
At Chargie, we believe access to chargers should be universal and equitable. That’s why we work to install chargers where they matter most and for the lowest cost possible. We have worked with numerous partners to determine which funding method is feasible and optimal for their property’s needs, and we are happy to do the same for you. Reach out to one of our EV charging experts here to get a free quote. From there, we can discuss which funding method is right for your property.
Want to See if Your Property Qualifies for Rebates and Incentives?
Chargie has secured over $100 million in funding for our partners, offsetting installation, design, and management costs. Check out local rebate and incentive programs, or reach out to one of our EV charging experts, and we’ll look into it for you. Our programs team stays up to date on all the latest rebate and incentive programs, so you won’t ever miss out.
