According to the Connecticut Department of Motor Vehicles (DMV), there were just over 21,000 electric vehicles (EVs) registered in the state as of January 1, 2022. It’s true that that is a small percentage of the total number of cars on Connecticut roads, but it is a five-fold increase over 2019 and the numbers are estimated to continue rising sharply, especially given shifting federal policies aimed at automakers.

For businesses that are reliant on cars, there are many advantages to going electric. In addition to contributing fewer pollutants, there are real financial benefits, including:

  • Fuel savings
  • Lower maintenance costs
  • Reduced registration fees
  • Purchase rebates and tax incentives

STAY INFORMED

There is an EV Club of CT with great resources for EV owners, potential owners and businesses who are interested in learning more about the benefits of switching to electric vehicles.

Incentives to buy EV vehicles for your business

The Connecticut Hydrogen and Electric Automobile Purchase Rebate (CHEAPR)

The CHEAPR program, administered by the CT Department of Energy and Environmental Protection, offers rebates up to $9,500 for residents, businesses and municipalities who purchase or lease electric vehicles. The program includes battery electric vehicles (BEV), fuel cell electric vehicles (FCEV) and plug-in hybrid vehicles (PHEV).

Federal Tax Credits

On top of a CHEAPR rebate, you may also be eligible for a federal EV tax credit up to $7,500. Learn more about federal rebates for electric vehicles and note that to claim the federal tax credit, you will need to file IRS form 8936.

Incentives to install EV charging stations

The Connecticut Public Utilities Regulatory Authority (PURA) launched a statewide program that provides incentives for installing electric vehicle charging stations. The goal is to install 60,000 stations (public and private) across the state by the year 2030.

If you’re a business owner, you could receive program incentives up to $20,000 for deploying level 2 commercial charging stations. These include multi-unit dwellings, public destination stations and workplace stations. And that number is doubled for stations installed in underserved communities. For direct current fast charging (DCFC) installations, incentives up to $250,000 are available. PURA has created an FAQ for businesses wanting to learn more about the EV charging program and what incentives are available.

The incentive program is being administered by two utility companies, Eversource and United Illuminating.

TIP

To stay up-to-date on all EV incentives, check out Energize CT.

Other incentives

Reduced vehicle registration fees

The Connecticut Department of Motor Vehicles offers a reduced registration fee for electric vehicles. EV owners pay only $38 for a two-year registration compared to $80 for a conventional gas vehicle.

Auto manufacturer incentives

Some auto manufacturers offer competitive purchase programs for EV fleets. Ford, GM and Nissan have offered fleet-based incentives in the past. If you’re considering purchasing an EV fleet for your business, be sure to contact auto manufacturers directly to find out what incentives are currently being offered.