Con Edison Offering Savings for Quick Electric Vehicle Chargers
Energy Company Also Joins with Nissan on $3,000 Leaf Rebate
Developers of quick electric vehicle chargers can save big on their power bills by installing charging stations in New York City or Westchester County and making them accessible to the public.
The program is part of Con Edison’s effort to make it easier for drivers to choose electric vehicles, which bring economic and environmental benefits.
“Drivers will need places to charge all those new electric vehicles we expect to see on the streets the next few years, so we’re providing an incentive for developers to offer quick charging,” said Matthew Ketschke, Con Edison’s senior vice president for Customer Energy Solutions. “We think supporting EVs is a great way to contribute to our region’s economy and to help the city and state meet their environmental goals.”
The company’s support for electric vehicles also includes a new program with Nissan. A customer of Con Edison or Orange and Rockland Utilities can get a $3,000 rebate for buying a 2018 Nissan Leaf from now until July 2.
That means a buyer can save up to $12,500 by combining the rebate with the Federal Electric Vehicle Tax Credit of $7,500 and the $2,000 New York State Drive Clean Rebate.
Quick chargers can charge a vehicle in about 30 minutes or less – perfect for the fast-paced lives of New Yorkers. As with electric vehicles, the technology behind quick charging stations is improving rapidly. The time needed to charge has dropped dramatically.
The company is offering to cut demand charges for developers by more than a third through May 2025. Demand charges are the charges commercial customers pay based on their peak usage – measured in kilowatts - during the month. Demand charges make up the bulk of the bill for large commercial customers.
Any developer that installs quick charging stations with an aggregate charging capacity of at least 100 kilowatts is eligible for the reduced rate, which was approved recently by the state Public Service Commission, Con Edison’s regulator. The rate would apply to up to 2,000 kilowatts of demand for a site.
The chargers must also be available to the general public, meaning they would be at places like malls, parking garages and lots, and train stations.
Con Edison estimates the program could support up to 85,000 electric vehicles in seven years. Currently, there are nearly 8,000 EVs registered in New York City and Westchester County. The company believes that number will grow substantially.
Con Edison believes the increase in the number of electric vehicles will bring in additional revenue the company can use to maintain its grid and keep service reliable.
Con Edison is a subsidiary of Consolidated Edison, Inc. [NYSE: ED], one of the nation's largest investor-owned energy companies, with approximately $12 billion in annual revenues and $49 billion in assets. The utility provides electric, gas and steam service to more than three million customers in New York City and Westchester County, New York.
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