EV charging stations
Subscribe to EV charging stations's Posts

US Senate Committee Introduces Clean Vehicle Charging Legislation

Earlier this week, a group of cross-party US senators introduced the Securing America’s Clean Fuels Infrastructure Act (the Act) to promote investments in clean vehicle infrastructure. The types of infrastructure supported by the legislation include electric vehicle charging stations and hydrogen refueling stations for fuel cell vehicles.

The Act would enlarge the benefits of the existing Alternative Fuel Vehicle Refueling Property Investment Tax Credit (ITC) (found in Section 30C of the Internal Revenue Code), diminishing costs associated with clean vehicle infrastructure development. The legislation targets American automobile owners, as electric and clean energy vehicles supplant traditional gasoline power vehicles.

The new legislation encourages increased private investment by providing incentives to build the much-needed infrastructure to support the wide adoption of clean energy vehicles. According to its sponsors, the Act would accomplish three goals:

  1. Clearly state the 30C ITC can be applied to each item of refueling property (i.e., each charger) rather than per location.
  2. Increase the 30C ITC cap for business investments from $30,000 to $200,000 for each item of refueling property.
  3. Extend the 30C ITC tax credit for eight more years from the December 31, 2021, expiration date, which means the 30C ITC would apply to refueling property that is placed in service by December 31, 2029.

Nonprofit environmental groups, transportation associations, energy companies and major automakers all support the proposed cross-party bill. If passed, the bill will bring increased activity in the renewable energy market for developers, investors and lenders.




Biden Administration Continues to Shift National Infrastructure and Transportation Networks to Pave the Way for Electric Vehicles

On Tuesday, US National Climate Advisor Gina McCarthy publicly underscored President Joe Biden’s commitment to supporting the electric vehicle (EV) industry and other industries aimed at tackling the climate crisis. She noted the administration’s goal is to build more than 500,000 EV chargers. The electric vehicle charging station market size is projected to surpass around USD $39.2 billion by 2027 and witness a compound annual growth rate of 40.7% from 2020 to 2027.

McCarthy made her comments during a meeting with key stakeholders and influential policymakers in the EV and EV charging industries, including senior staff of the Department of Transportation, chief executive officers of companies producing electric vehicle charging infrastructures, the National Economic Council and the Council of Environmental Quality.

This is a further demonstration by the administration that it will rely upon the insight of renewable energy leaders to produce, navigate and accelerate the production of national renewable energy infrastructure. The administration also sees the modification of our national renewable energy infrastructure as a means to strengthen American manufacturing, create new employment opportunities and speed economic recovery through the pandemic crisis.

McCarthy’s remarks are part of a growing trend to find executive and legislative avenues to addressing the climate crisis. Democrats in the US House of Representatives have introduced legislation that aims to reduce economy-wide greenhouse gas emissions to net-zero by 2050. This emphasis has similarly carried over into the realm of domestic infrastructure. The CLEAN Future Act aims to require all retail electric providers to generate 100% of their power from zero-emissions resources by 2035, and 80% by 2030.

The federal government is not the only actor racing to find ways to meet the anticipated demand for electric vehicles and the subsequent infrastructural changes that will be required. A conglomerate of utilities has committed to cooperating to create a “seamless network” of charging stations along major highways.

These efforts across industries and branches of government indicate the inevitability of growth in the renewable energy industry and that the desire for opportunities for electric vehicles across the country will continue to be fueled.




STAY CONNECTED

TOPICS

ARCHIVES