State of California, utility providers making millions of dollars available for EV charging at investment properties

State of California, utility providers making millions of dollars available for EV charging at investment properties

New registration for California electric vehicles sales broke records in 2021, rocketed 68% year-over-year. With plug-in vehicles making up 11% of California new car sales, this trend will rapidly increase as the state leaps towards its target of 100% zero-emissions vehicle sales by 2035.

Through 2025, state agencies are appropriating funds to accelerate the installation of more EV charging stations in apartments, condominiums and commercial buildings to meet this growing demand.

Leading the way is the California Air Resources Board (CARB) with $1.5 billion earmarked to help reduce the cost of EVs and a further $1.4 billion from the California Energy Commission (CEC) that is dedicated to property owners providing charging ports to power zero-emission vehicles. Governor Newsom’s recent 2022 Budget proposal would pump an additional $6.1 billion for zero-emissions transportation rebates and programs. 

Getting the picture here?  The money train is rolling!  

Many local utilities and community energy providers offer additional incentives and programs to help multifamily and commercial properties install charging infrastructure. Over $500 million from combined utility-sponsored EV charging incentives will soon be available across the state. Here in Santa Barbara County, multifamily and commercial property managers and investors are using the Southern California Edison (SCE) Charge Ready program for free technical support, site assessments, and assistance with applying to incentive programs. Even the City of Santa Barbara is offering expedited permitting for EV station installation.  

Getting Started

Planning is essential to obtain incentive funding — including estimating demand, defining an ownership and billing model, and a high-level design.  

You may find up to date incentives to upgrade your property with Search for EV charger funding opportunities for businesses in your area.

Now is a great time to plan for EV charging upgrades and prepare for incentive opportunities for your property. Contact your local community choice energy provider or utility and ask about multifamily EV charging programs offered in your area or call Marstrand Property Management to help “lead the charge”.