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ELECTRIFICATION




IN THE SWITCH TO EVS, MANY ARE LEAVING BIG MONEY ON THE TABLE

December 21, 2023 • By Richard Hall • Bookmark +




There are more than 800 EV-related incentives, from numerous governmental
agencies and both public and private utilities. Navigating them is a byzantine
endeavor — but resources are available.  

Photo: Automotive Fleet


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Commercial fleet operators today are confronting one of the most critical
challenges they have faced in decades. In the past few years, legislators have
passed laws forcing them to electrify their fleets. Using the "carrot and stick"
approach, much of the legislation surrounding electric vehicles includes both
stringent requirements and generous incentives.



Often, fleet managers are so frightened by the requirements that they miss out
on the incentives. In this new era of imposed electrification, being unaware of
the incentives that can soften the financial blow the switch entails is often a
million-dollar mistake.  


GRANTS AND INCENTIVES

Here is a very telling real-life example: At a recent conference, one fleet
manager was shocked to learn that their fleet management company could have
received $7,500 for each of the nearly 100 electric passenger vehicles they had
leased. Quickly running the math, she exclaimed her company was out of pocket to
the tune of over $600,000.




While $600,000 in “free money” is a big number, it only represents the federal
electric vehicle purchase incentive. The discussion that ensued revealed that
the “pyramid” of available incentives could have been extended to include not
just additional incentives from utilities, counties, and cities for those
passenger vehicles, but far more sizable amounts for larger vehicles.

Related: Can the Electric Grid Sustain the EV Revolution?

Beyond that, more available incentive money could have provided thousands of
additional dollars to cover the costs of buying and installing the charging
equipment required to service the new EV fleet. 




ROOKIE MISTAKES

While failing to take advantage of a million dollars in incentive money might
appear to be an egregious “rookie mistake,” the simple fact is it is happening
every day. Why? In managing the transition from a conventionally fueled fleet to
an EV fleet virtually everyone is a rookie.  

There are over 800 electric vehicle-related incentives, and they are offered not
just by the federal government but also by states, counties, cities, and
governmental agencies such as air quality management districts. In addition,
both public and private utilities offer incentives, grants, and rebates designed
to promote the switch from internal combustion engine (ICE) vehicles to
electrics. But navigating these free-flowing rivers and finding these incentives
is a byzantine operation.

Given the almost stupefyingly difficult task of identifying opportunities, it is
not surprising that fleet managers are leaving money on the table, often without
even knowing it is happening. 

To illustrate, let’s look at the various incentives available for electric
vehicles across federal, state, and local levels. On the most basic level are
the federal purchase incentives, a $7,500 tax credit available to individual
consumers who purchase qualifying EVs. In the past 18 months, this fairly
simple-to-grasp credit has become significantly more complicated. It now
includes specific criteria such as income thresholds, assembly location, and
mineral sourcing requirements for batteries.

Some EVs don’t qualify, and some consumers don’t qualify. On the commercial
side, companies purchasing EVs can receive a $7,500 tax credit without any of
the consumer-specific qualifying criteria. For larger vehicles over 14,000
pounds, the credit can go up to $40,000. 

Regionally, many air quality management districts such as the Bay Area Air
Quality Management District’s Carl Moyer Program for School Buses provide
substantial incentives, such as over $500,000 per bus for school buses or
$120,000 for each new class 8 Freightliner eCascadia tractor. With many of these
incentives, potential beneficiaries need to track funding availability because
these incentives often operate on a limited, first-come-first-served basis.

Your company might qualify, but if the incentive is oversubscribed you might
receive a fraction of what you expected, or you may be completely out of luck.  


BEYOND VEHICLES

Beyond vehicle-purchase incentives, grants and credits can also help finance
ancillaries that often can equal or exceed the cost of the vehicle.

For example, incentives exist for charging equipment, including federal tax
credits for consumers and grants from utilities towards the purchase and
installation of Level 2 and DC fast chargers. The funds available typically
range from a couple of hundred dollars to several thousand dollars. There's also
a focus on federal investment in communities designated as disadvantaged or
“Justice40 communities," aiming to direct more incentives towards these areas.  

The challenge of monitoring these incentives is often beyond a fleet manager's
ability to track them, much less to jump the procedural hoops to capitalize on
them. Those responsible for managing fleets — and OEM vehicle and charger sales
teams – simply don't have time to search for and read through pages of FAQs,
terms, and conditions. 

The good news is that utilities, OEMs, and fleet management companies are
starting to offer tools that quickly and painlessly identify a list of
incentives applicable to a specific electrification project. A few of these such
as GM / BrightDrop’s TCO tool even calculate the likely incentive amounts and
roll them into a "cost of ownership" that compares the total cost of ownership
of continuing conventional diesel or gasoline vehicles with operating electric
vehicles.  

Utilities and OEMs need not devote significant staff to finding incentives or
building complex cost comparison models. They can use off-the-shelf products
such as J.D. Power’s EV Fleets and Incentive Dashboard, which appears as a
“white label” tool on the public and private websites of utilities and
automakers.  

So, the advice is don’t make a rookie mistake. You do not want to let a million
dollars slip through your fingers. By seeking out the available tools created by
experts in EV incentives, you can avoid the agony of defeat.

About the Author: Richard Hall is J.D. Power’s Head of ZappyRide EV Products. He
is based in Billings Montana.

More News: Top Technology Trends in Fleet Electrification for 2024



Originally posted on Automotive Fleet


Read more about J.D. Power Fleet electrification Fleet Incentives cost savings

3 COMMENTS

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 * * 1. 
   * Schwartz
   
   * December 21, 2023 @ 11:11 AM
   
   This is quite frankly disgusting. The government forces (via mandates) fleets
   to electrify and then gives out millions of dollars in incentives of taxpayer
   dollars for doing so. Compound this with GM buying out Buick dealers because
   they know it won't work, and the EPA requiring 50% new vehicle sales to be EV
   by 2030. Flaming train wreck incoming.

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