In the electric vehicle (EV) charging industry, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) have released new guidance on the Alternative Fuel Vehicle Refueling Property Credit, also known as the 30C EV charging tax credit.

In detail, this move aims to clarify eligibility and expand access to clean vehicle recharging and refueling infrastructure, potentially lowering transportation costs for millions of Americans.

According to the U.S. Department of the Treasury, here is the new guidance that outlines the for individuals and businesses to navigate the new EV charger tax credit guidelines:

Deputy Treasury Secretary Wally Adeyemo stated, “The steps we are taking today will help lower transportation costs for Americans and strengthen our energy security.” The Treasury’s Office of Economic Policy estimates that EV owners could save $18,000 to $24,000 over a vehicle’s 15-year lifespan compared to gasoline vehicles, with fuel costs being the largestcontributor to these savings.

For businesses, particularly those planning to install multiple chargers, the new guidelines offer significant financial incentives. Warehouse owners, for example, could find it particularly attractive to install EV chargers for commercial delivery trucks.

This initiative aligns with the Biden administration’s goal to build a national network of 500,000 publicly available chargers by 2030. As of late last month, there were over 192,000 publicly available charging ports nationwide, more than double the amount in January 2021.

John Podesta, Senior Advisor to the President for International Climate Policy, emphasized the importance of expanding charging access: “In order to help more Americans go electric, we need to make sure they can charge their EVs where they live, work, and shop – from inner city neighborhoods to rural areas.”

The proposed rule will be open for public comment until mid-November, and a public hearing will be scheduled if requested. The Treasury has not yet announced when the rule will be finalized.

Albert Gore III, executive director of the Zero Emission Transportation Association, praised the move stating, “By issuing this proposed rule, Treasury and the IRS are beginning to provide the regulatory certainty needed to move these investments forward.”

As the U.S. continues its push towards a cleaner energy future, these tax credits are expected to play a crucial role in expanding EV adoption, reducing emissions from the transportation sector, and creating good-paying jobs in the clean energy economy.

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