Utility/Coop Time-of-Use electricity plans can lower the cost even more.
There are many Utility, Coop, State, Federal and Manufacturer incentives for home chargers. Check with program FIRST for a list of eligible equipment and what the incentive covers (i.e., product only or product + installation).
When buying a used EV, ask about potential charging capacity and connector plug limitations.
A charger can share a circuit with an electric dryer or other appliance, avoiding the need to a panel upgrade.
Programs for multi-family dwellings. Renters, educate landlords.
Bi-directional charging can power your home!
Some vehicle manufacturers include a charger with purchase. Charger manufacturers may also have sales/rebates
Federal. If you live in a non-urban tract or low-income community you may qualify for 30% up to $1,000. (Subtract utility/manufacturer rebates from cost). This tax credit is being targeted by the Trump Administration.
New Mexico. Clean Car ($400) OR Sustainable Building Tax Credit ($1,000 residential per product/installation for income <200% poverty level;
$500 otherwise; $3,000/$1,500 commercial)
Slow. Level 1 (120 Volts) is not a separate charger at all. Use your EV’s charge cord to plug into a standard AC 120 volt outlet at home. Adds ~ 5 miles of range per hour to your battery.Faster. Level 2 (240 Volts) for home (and some public charging) will charge your vehicle overnight, ~5-7 times faster than Level 1. It is usually much cheaper than public network chargers (especially if your electricity provider offers time-of-use rates for charging during off peak hours). It requires 240V. If you do not have 240V in your garage or carport, this may require a wiring upgrade (a few hundred dollars) and possibly an electric panel upgrade as well. There are Federal, State and electricity provider incentives to help with that. But you may be able to avoid a panel upgrade by installing a circuit splitter. Read incentive fine print – some EV charger incentives will pay for making your residence EV ready vs. incentives just for the cost of the hardware.Fastest. Direct Current (DC). These are found along roadways, like the Tesla Supercharging network. Charging speeds and technology are expanding as more cars can charge at higher voltages – the Lucid Air Pure can add 312 miles in 15 minutes, for example. But not all cars are compatible with the high electric loads (Tesla V3 250kW Superchargers can have 480 volts/300 amps) of DC charging, and not all fast chargers deliver the power needed to ensure a fast charge. If you are buying an older car make sure you understand its charging capability and constraints. For new cars however, Ford, GM, Mercedes-Benz, Polestar, Honda, Kia, Jaguar, Hyundai, Genesis, and Rivian, Volvo and others announced that their vehicles will be able to use 12,000 of Tesla’s reliable Superchargers starting in 2024 via adaptors. After that these companies will build their EVs with Tesla connectors standard.Be aware that charging connectorsdiffer by vehicle model and region in the world. Also for AC or DC charging. Connectors had been converging towards two types in the U.S., the Combined Charging System Combo and the Tesla connector. A Magic Dock adaptor allows EVs with a CCS plus to charge at a limited number of Tesla Superchargers. But a growing number of companies are adopting Tesla’s connector as standard. Originally developed in Japan, the CHAdeMO is a DC fast charging connector, which may charge some models in the US like 2011-2021 Nissan Leafs and Mitsubishi iMiEV.Many factors go into choosing and installing a charger and the project cost: any charging rate limits of your EV, charger location, if your electric panel and wiring need upgrading and if you will need any construction work. See the video below. Incentive programs may also limit your choices – so check with your electricity provider and/or tax adviser first.
Here are some charger resources:
PNM has an incentive program for multifamily housing. Communities with 5+ units have rebates of $5,000/charger port and income qualified communities rebates are up to $10,000 per charger port. For workplace, fleet and public use Level 2 chargers, PNM offers $5,000/port and $50,000 for DC Fast Chargers for fleet & public use. They also have a commercial charging station rate.
Forth Mobility is working with affordable housing developers in New Mexico to create communities that not only have low-cost EV Charging but also low-cost rental EVs for residents.
Xcel will install and rent a charger for $12/month to its customers. Renters in Xcel’s service area can also enroll in its Optimize My Charge program with a landlord’s permission.
The U.S. Department of Energy’s Alternative Fuels Data Center is a great place to start when looking for all kinds of incentives in New Mexico. Also check for offers from the EV manufacturer.
With all the generous incentives, installing a charger should not cost most people very much.
New Mexico will offer Federal IRA rebates for wiring ($2,500) and panel upgrades ($4,000) through program installers for low- income households. Check the state’s website for updates.
Xcel Energy’s Home Wiring Estimator tool estimates wiring costs and shows how much an EV will save in fuel costs.
Level 2 chargers require a 240 volt outlet, which may entail upgraded wiring and possibly an upgraded electric panel. However, if you already have an electric dryer near where you park your car you may be able to share this circuit. There are also devices for sharing charging between two chargers. Some people get all the range they need overnight with a Level 1 (120V) charger.
There are growing incentives for multi-family housing and commercial charging in addition to residential rebates and tax credits. Because it is always less expensive to build EV ready structures than retrofit them, EV Infrastructure Building Codes have been adopted in New Mexico and could be expanded. Expansion of time-of-use electric rates, which provide less expensive charging during off hours and rates for low-income households will allow more people to participate in clean transportation.
Charge Point’s EV Charger Incentives for Businesses
Clean Cities Coalition Network Workplace Charging Employer Workshop Toolkit.
For cities, schools, rural areas, non-profits, businesses, community organizations, shippers, states and individuals identify federal funding opportunities with this EV Funding Finder.
Federal Section 30C tax credit Alternative Fuel Vehicle Refueling Property Credit now includes bidirectional charging equipment (can provide short-term backup power to your home; e.g., cost ~$4k for Ford F-150 Lightning), energy storage projects, and chargers for two- and three-wheeled vehicles. The tax credit may be retroactive to 2017; check with your tax advisor. File form 8911. Starting in 2023, qualifying property will be limited to property placed in service within non-urban census tracts or low-income communities. Check with a tax expert if you have to subtract any non-state rebates you received from the cost of the EV charger.
For residential properties, the tax credit is 30% up to $1,000.
The commercial tax credit is 30% (6% if certain qualifications are not met) per charger including infrastructure upgrades and installation up to $100,000 max per charger. Qualifications include prevailing wage and apprenticeship requirements.
New Mexico State has two tax credits for chargers. You can only use one.
Basic minimum for EV Ready Equipment: 40 amp, 208 to 240 volt dedicated branch circuit.
Buildings less than 20,000 square feet.
Low-income: the owner or occupants of the building must have income equal or less than 200% of current year Federal poverty level
Residential (detached single family home) $500 for product and installation costs. $1,000 for charger and installation if low-income or affordable housing.
Commercial (multi-family and all other buildings) $1,500 for charger and installation; $3,000 if affordable housing or low income.
PNM’s EV charger Program. Residential customers can get Level 2 rebates up to $500 for specific chargers (list updates monthly; Tesla chargers may qualify in the future) = $1,500 for installation; $4,250 for chargers and installation if you are low income). Rebate customers are automatically enrolled in low-cost, time-of-use rates (see below). Multifamily communities with 5+ units have rebates of up to $5,000/charger port and income qualified communities rebates are up to $10,000 per charger port. PNM also has programs for commercial customers, including public charging, workplaces, fleets and mass transit. Find a PNM Program Authorized contractor.
Xcel’s EV Accelerate at Home program allows its customers to sign up for one of two EV charger installs (ChargePoint Home Flex Or Enel X JuiceBox) including a wiring upgrade if necessary and one of three time-of-use rate programs. The EV charger rebate of $500 or $2,500 for low income (equal or less than 200% of federal poverty level) includes wiring, permitting etc., and an annual $50 credit for charging EV during off-peak hours. It requires participation in its time-of-use charging or Optimize My Charge program. Tesla owners will require an adaptor. Alternatively, you may rent a charger from that Xcel installs for $12/month.
Some Rural Electric Coops offer rebates (for example, 50% off the cost of equipment and installing a residential Level 2 charger up to $500) or even free EV chargers. CNMEC offers the former and also 50% off up to $1,000 for charger and installation (including panel upgrade) if you sign up for their time-of-use program.
PNM’s Whole-Home Electric Vehicle (WHEV) Charging Rate Program for charging between 10 pm to 5 am. PNM estimates that a “full tank” of EV charging will cost about the same as 1 gal of gas (~$3.00). May not be worth it if you add solar.
Rural Electric Coops have Time-of-Use (TOU) plans too. Some are keyed to electric thermal storage (ETS) heaters and not EV charging. CNMEC has a 4.5 cent/kwh off peak rate.
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