How to maximize alternative fuel tax credits
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"From charging incentives to government rebates, companies investing in crucial electric vehicle infrastructure already reap numerous financial benefits. In certain situations, these advantages reoccur annually during tax season.
Alternative fuel tax credits can help your business save money while preparing for the future. To maximize these credits, you must first understand what they are and how they apply to your business operations.
Regardless of whether your business is located in the U.S. or Canada, it's essential to capitalize on every available incentive. Here's how to determine which alternative fuel tax credits are accessible and whether your business meets the qualifications.
To optimize your tax benefits, start by identifying which incentives you're eligible for. When you hear "alternative fuel," you might think of electric vehicles, but that’s just one of the 12 power sources defined as alternative fuels by both the U.S. and Canadian governments. Others include:
- **Biodiesel and renewable diesel**: These fuels can be made from vegetable oils, animal fats, or recycled cooking grease, while renewable diesel is derived from biomass.
- **Hydrogen**: Although not widely available yet, hydrogen-powered cars could offer another emissions-free option in the future.
- **Natural gas**: This abundant resource often costs less than traditional gasoline and diesel fuels.
- **Ethanol**: Made from corn and other plant materials, ethanol is frequently blended with gasoline for vehicle use.
It's important to note that electric vehicles currently dominate the market share of alternative fuel vehicles on the roads today. While there are technically several alternative fuels that could qualify for tax credits, the current landscape primarily benefits businesses owning, manufacturing, or maintaining electric vehicles and their infrastructure, such as charging stations.
The type of business you run also plays a role in claiming tax incentives. For instance, the Alternative Fuel Infrastructure Tax Credit (AFITC) applies to those who install electric vehicle chargers and other alternative refueling stations, including multi-family buildings, hotels, commercial parking lots, and more. In these cases, the type of alternative fuel is less relevant than the infrastructure itself.
Examples of alternative fuel tax credits abound. To ensure you maximize your tax savings, stay updated on various state, provincial, and federal-level incentives. This helps you identify which credits you already qualify for and allows you to plan future expansions. For example, if you know you'll receive 30% of the depreciable costs back under the AFITC, you can properly budget for business growth.
Currently, over 70% of the U.S. is covered by EV charger rebates or incentives. If your business focuses on making electric vehicles more accessible, you can use ChargeLab’s Rebate Finder to pinpoint incentives specific to your business and location. Simply enter your zip code and answer a few questions about the chargers you're installing and their locations.
In 2023, the Canadian government proposed five new investment tax credits to promote clean energy adoption. If passed, these proposals would make Canadian business owners using alternative fuels eligible for tax refunds on their infrastructure investments.
Many other incentives already exist across Canada, varying by province. For instance, municipalities in Alberta can receive up to CAD$5,000 per Level 2 charger or CAD$75,000 per direct-current fast charger (DCFC, also known as Level 3 charger) under the MCCAC Electric Vehicle Charging Program.
Combining tax credits with rebates can lead to maximum savings. Typically, tax credits appear as refunds after the tax cycle ends. However, alternative fuel tax credits are just one way to benefit financially. By pairing tax credits with other incentives, you might receive upfront funds and more when tax season concludes.
Consider these types of rebates:
- **Prescriptive rebates**: These offer businesses a fixed dollar amount per unit and often focus on specific charger types and features.
- **Point-of-purchase rebates**: Commonly found in residential projects, these rebates are often provided by EV manufacturers or third-party suppliers.
- **Make-ready rebates**: Targeting Level 3 chargers, these rebates offset necessary construction and electrical work and usually require prior submission of plans.
- **Turnkey rebates**: Covering everything from materials to installation, these are often used by installers.
- **Case-by-case rebates**: Other rebates, grants, and promotions with different criteria may help your business save money on EV installation projects.
As the world shifts toward alternative fuel sources, it's likely that additional legislation will emerge to offer further benefits to business owners. Discuss all possible tax credits with your accountant or tax handler, and stay informed about rebates by regularly checking government websites.
Charge into the Future
Over 4.1 million plug-in hybrid and battery electric vehicles were sold in the U.S. between 2010 and 2023. This number continues to grow. As EVs become more affordable, the demand for charging infrastructure is also rising; our data shows that 60% of EV drivers use public chargers despite having home options.
This presents an opportunity for savvy business owners to tap into this expanding market while saving money through alternative fuel tax credits. Installing EV chargers isn't just about the hardware; you'll also need software. That’s where ChargeLab comes in.
Our backend software powers North America’s leading EV charger manufacturers, turnkey installers, and network operators. As the only true operating system for EV chargers, our platform transforms any OCPP device into a smart charger, making it easier for you to run your business. Want to learn more? Reach out to the ChargeLab team today."
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