In Texas, utility providers do offer incentives related to electric vehicle (EV) use, but these are generally focused on charging infrastructure and electricity usage rather than direct incentives for EV leases themselves.
Utility Incentives for EVs in Texas
- Austin Energy EV Charger Rebate: If you are a customer of Austin Energy, you can get a rebate covering 50% of the cost to purchase and install a Level 2 EV charger, with savings up to $1,200. There are also additional rebates for commercial customers and multifamily properties for installing Level 2 or DC Fast Charging stations, with rebates up to $5,000 depending on the charger type.
- TXU Energy Off-Peak Charging: TXU Energy offers free EV charging during off-peak hours (7 PM to 1 PM) if you connect your EV to an online platform and share telematics data. This can help reduce charging costs at home significantly.
- CPS Energy Off-Peak Incentives: CPS Energy customers can receive a one-time $250 bill credit plus a $5 monthly credit if they enroll in a program that remotely adjusts EV charging speed during peak hours. Alternatively, customers who only charge during off-peak hours can receive a one-time $125 credit and $10 monthly credit.
Statewide EV Lease Incentives
Texas currently has no statewide rebates, tax credits, or direct financial incentives specifically for purchasing or leasing EVs.
Federal Tax Credit for EV Leases
- On the federal level, leases on new electric vehicles may be eligible for a tax credit of up to $7,500 through the manufacturer or dealer, based on the Commercial Clean Vehicle Tax Credit (Internal Revenue Code 45W).
- For leased EVs, the leasing company typically claims the tax credit and may pass the discount onto the consumer through reduced down payments or monthly lease payments. It is essential to confirm with the dealer or manufacturer if this credit is being passed on when you lease an EV.
Summary
- No direct Texas state incentives for EV leases exist.
- Utility companies in Texas do provide EV-related incentives primarily for home and commercial charging equipment and discounted off-peak electricity rates for EV charging.
- The key potential financial incentive for EV leases comes from the federal tax credit passed on by manufacturers or dealers.
If you live in Texas and are considering an EV lease, check with your local utility for charging incentives and confirm with dealers whether federal lease tax credits are applied to your lease terms.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/do-utility-providers-offer-any-incentives-for-ev-leases-in-my-state/
