Electric Vehicle Charging Station Incentives



In New York City, the EV charging outlook for multifamily properties is better than ever. More incentives are available now to offset EV installation costs and invest in your property’s carbon reduction. In this blog, our team breaks down the current incentive landscape so that you know what’s on the table for your properties.

EV Funds Offset Upfront Costs

Now is the time to take advantage of incentives for the installation of EV chargers. Con Edison recently announced higher incentives for EV charging infrastructure through their PowerReady program, more than doubling Con Edison’s budget to $585M. This program offers significant cost coverage for EV projects, depending on the type of chargers and the scale of the project, ranging from 50-90% at most sites, with the potential to reach 100% cost coverage for projects that are located in a disadvantaged community (DAC) and meet certain affordability requirements.

In addition to the PowerReady program, there are incentives for the EV charger units available from NYSERDA.

Trust in EV Installation Experts

Multifamily building owners face unique considerations when installing charging stations.
Bright Power partners with the top installer of L2 EV charger projects through Con Edison’s PowerReady program. Together, we leverage our knowledge and expertise to avoid pitfalls and procure as much incentive funding for EV charger installations as possible.

Why Install EV chargers?

Investing in EV charging infrastructure boosts your property with a range of long-term benefits:

• Installed EV chargers can enhance property value

• EV chargers contribute to cleaner air quality and showcase your commitment to carbon reduction

• The addition of EV chargers attracts customers and tenants to your property and benefits neighborhood commerce

• Future-proof your property: As more drivers move to electric, EV demand is expected to increase year over year

Facilitate Local Law 126 Compliance

For owners of public parking garages or open parking lots in New York City, the Con Edison funds can also help drive down the cost of complying with Local Law 126. LL126 requires that garages or lots that are increasing their electrical service make at least 20% of parking spaces EV Charging Ready. While this may not impact your garage or lot in the immediate future, the current incentive levels are the perfect reason to invest in EV charger infrastructure and future proof against potential new compliance requirements.

High Performance Building Requirements

Aside from compliance, several high performance building certifications now award or require EV chargers and associated EV ready infrastructure. LEED Multifamily and New Construction certifications offer points for installing EV charging stations, while the Department of Energy’s Zero Energy Ready Home certification actually requires properties to be EV-Ready. If building owners or developers have projects pursuing these certifications, or are considering them but are facing significant costs, the current incentives can help make a project economically viable.


Getting Started

Do you have questions about EV Charging incentives and how to maximize them at your properties? Contact us to set up an EV evaluation for your portfolio.