Author: Brett Knox
January 18, 2024 - 4 MIN. READ
Electric vehicles (EVs) are growing in popularity, driven by a desire to save money on fuel costs, lower long-term maintenance costs, reduce greenhouse gas emissions, and take advantage of government incentives. Recently, EVs made in America are gaining market share due to new government incentives, a growing number of EV models from US automakers, expanding EV charging infrastructure, and more competitive pricing.The "Made in America" legislative agenda put forward by the Biden Administration's federal incentives for EV charging aims to accelerate the EV trend. As an electrical contractor, the new rules regarding EV charger installations utilizing government incentives may require careful study but they provide you with an excellent opportunity to expand your business.
Understanding the New "Made in America" EV Charging Rules
President Biden has unveiled an ambitious target to achieve a 50% share of electric vehicles (EVs) in all domestic vehicle sales by the end of the decade. To support this transition, the administration plans to deploy 500,000 new chargers nationwide. In addition to addressing environmental issues, the federal EV charging incentives aim to stimulate job creation and diminish dependence on foreign suppliers. Electric Vehicles and Chargers manufactured in the U.S. or using predominantly parts manufactured in the U.S. have a significant advantage due to these federal incentives.
You may already be aware of or involved with some of the many businesses partnering with the Biden administration. A few notable examples include:
- Blink Charging in Maryland will be investing $49 million to increase the production of chargers fourfold by 2024.
- Qmerit is committing to aid 100 companies in electrifying their fleets through installation of home and workplace charging and to help 500 companies deploy EV charging for their employees or customers by the end of 2023.
- Pacific Gas and Electric (PG &E), teamed with Ecology Action, will directly install 2,000 EV charging ports.
- We Realize Inc., which runs a nationwide network, will add over 200,000 charging stations in the next seven years.
- Revel will add 300 EVs to its fleet and open the first fast public charging site in Harlem, New York. The company plans to triple New Yorkers' access to fast charging over the next year. The city of Madison will be converting its entire fleet of 900 gas vehicles to electric by 2030 and require chargers.
- Virginia Clean Cities' mid-Atlantic Partnership will deploy 375 public charging stations by the end of next year, bringing charging to rural and underserved areas.
Organizations such as Consumer Reports, Amazon, and Google will be reaching out to educate consumers on the advantages of EVs and the possibilities ahead for electrical contractors who choose to install EV chargers. By riding the EV wave, you can capitalize on the demand for EV Charger installations in homes, multi-family properties, commercial buildings, and transportation routes.
Strategies for Adapting to the New Rules
Wondering how to join the electric vehicle (EV) revolution? The U.S. National Blueprint for Transportation Decarbonization introduces incentives for EV charging infrastructure, offering financing options for chargers for all on-road vehicles. To leverage these opportunities, research domestic suppliers capitalizing on these incentives. This will give you a firm grasp of which vendors are likely to have the equipment and materials you need when you need them. Identifying dependable vendors ensures a seamless supply chain for your EV projects.
Staying updated on regulations is crucial, not just for suppliers but for your business too. For instance, in 2023 the tax credit for home charger installations was $1,000 for everyone. However, in 2024 this credit is exclusive to low-income or rural communities. If your focus is on home installations, targeting eligible customers can enhance your service affordability. However, businesses can still claim the 30% tax credit, making commercial clients an attractive target.
On March 30, 2023, the Federal Highway Administration finalized the EV structure rule. Understanding these modified EV infrastructure regulations is essential for securing contracts within their provisions. Updates include:
- Qualifications of technicians
- Interoperability of charging stations
- Network connectivity
- Availability of information through apps
- Charging capacity
- Running times
For a comprehensive approach to EV charging solutions, consider sectors such as charger installation, maintenance, and support. Specializing in one segment, like charger installation, may prompt collaborations with other contractors or companies, opening doors to more opportunities. Partnerships are particularly valuable for meeting evolving regulatory requirements, ensuring a robust response to the changing landscape of EV infrastructure.
Opportunities for Growth and Innovation
Amid the nationwide emphasis on promoting products "Made in America," domestic electrical contractors utilizing American-made materials and equipment gain a substantial edge in securing job opportunities. The demand for electrical work will play an essential and direct role in the ongoing expansion of infrastructure, encompassing residential and commercial sites, as well as transportation routes.
If your electrical business is in areas where demand for electrical services exceeds supply, you have a fantastic opportunity to develop strategies to meet the needs of new and underserved venues. Service, repairs, lighting retrofits, charger installations, panel upgrades, and maintenance are all activities your company can deliver. This type of employment is expected to grow by 7.1% in the 10 years from 2021 to 2031.
For those providing power line installers and repair personnel, there is also anticipated job growth, albeit at a slower pace of 3.1% over the same decade.
To stay ahead in the field of EV charger installation, it is imperative to establish connections with a network of suppliers and stay abreast of the latest industry trends. Raiven offers you the opportunity to make the connections you need.
Win more EV charger installation bids and make more profit!
If you sell or plan to sell EV charger installation projects, you can win more jobs and increase your profits by paying less for EV chargers, wire, conduit, breakers, panels, and other electrical supplies.
How? Join a purchasing program like Raiven. Companies like Raiven combine the buying power of all their members and negotiate deep discounts, service terms, and supply chain priorities so you pay less for electrical supplies and business essentials, and you do not have to squabble with suppliers.
Gain access to pre-negotiated discounts of 7%-30% from industry-leading manufacturers and distributors like ABB, Alpscontrols, ChargePoint, EnelX/Juicebox, Ferguson, Grainger, Graybar, Home Depot, Schneider Electric, Sunbelt Rentals, United Rentals, and more. This extensive network of suppliers can help you reduce out-of-stock situations and save money.
Raiven is dedicated to serving electrical contractors, offering the most competitive prices on equipment, parts, and maintenance supplies, along with a streamlined purchasing platform for swift and efficient purchasing. Other key benefits:
- Stay informed with supply chain alerts that notify you of price fluctuations and changes in product availability for the supplies that matter most to your operations.
- Simplify your purchasing process by accessing all your preferred suppliers in one private marketplace, providing you with easy access to your negotiated discounts. Say goodbye to the hassle of navigating multiple websites to compare prices.
- Utilize our AI-powered purchasing tools, which automatically locate the lowest prices, ensuring cost savings even when your employees shop outside of your preferred supplier network.
Raiven is your all-in-one solution to help you win more jobs and make more profit. Visit Raiven to discover the benefits for your business.
