US mulls $325 million to repair faulty EV Chargers and reduce EV costs

U.S. Administration continues to mull new funding to build and repair electric vehicle (EV) infrastructure, adding to this, the White House now announced a new $325 million to fix EV chargers, build new EV infrastructure, and slash EV adaptation costs.

The Department of Transportation announced on Friday that the new $325 million investments for three different programs to increase the reliability of public chargers, improve EV technologies, and support the workforce to build EV charger development, deployment, and maintenance.

The funding for EV chargers will be used to repair and replace existing chargers including the ones that are completely out of the service.

The new announcement came after the US administration awarded $623 million to install new chargers in communities and different parts across all states.

The number of publicly available chargers has now increased to over 170,000. White House says that the goal to achieve 500,000 could be achieved by 2026, four years earlier than the previously projected timeline.

Tax Credit for EV Chargers

Today, the Department of Treasury is releasing a notice of intent to propose regulations related to the 30C tax credit, re-enacted by the Inflation Reduction Act (IRA).

The tax credit helps get up to 30% off the charger cost to individuals and businesses in eligible census tracts. The Treasury Department has also outlined details and guidelines for eligibility to claim this tax credit including low-income communities and non-urban areas.

To ease this process, the Department of Energy (DOE) is releasing a mapping tool to help households and businesses check eligibility for tax credits under the new regulations. Read more below.

(source – White House)