Ameren Missouri working with businesses to provide $5M of incentives for electric vehicle charging through end of 2022
Charge Ahead, which has provided 1 million in incentives for electric vehicle charging since the program began, helps local businesses and public facilities make EV charging more widely available for drivers. Another $5 million is still available, but businesses and communities only have until the end of 2022 to partner with Ameren Missouri and access these financial incentives.
It’s no secret that electric vehicles (EVs) are becoming more prevalent. More than 50 EV models are available today and nearly 140 models are expected by 2024, and declining battery costs are predicted to lower the price of EVs to equal those of gasoline cars by 2023. As the costs and barriers decrease, EV adoption is projected to soar to an estimated 18.7 million in the U.S. alone by 2030. With this growth comes an increased demand for public charging stations.
Funds are available to help businesses install 1,000 EV charging stations at 350 locations across the state. The Charge Ahead program provides financial assistance so businesses can install EV chargers at a reduced cost. Businesses can recoup up to 50% of the total project cost, or $5,000 per Level 2 port and $20,000 per Level 3 port.
“More and more drivers are interested in transitioning to electric-powered vehicles to reduce their carbon emissions, an issue that is very important to Ameren Missouri as we work toward our own goal of net-zero emissions by 2050,” said Patrick Smith, vice president of economic, community and business development at Ameren Missouri. “By partnering with local businesses, apartment complexes and public facilities to provide incentives for EV charging, we’re enabling our region to more easily adopt electric vehicles while also giving businesses an advantage that is attractive to customers and employees alike.”
Installing EV chargers can be great for business. EV drivers tend to plan their shopping trips around charging access. Property owners can set their own price for the kilowatt-hours of electricity drivers use or offer it for free as an incentive to draw customers. Electronic payment systems make the process even smoother, with no extra work on the hosting business or its employees to collect payments for charging.
In addition, some local municipalities are starting to require EV charging infrastructure in their building codes. For business owners planning renovations, Ameren Missouri’s incentives may offer a valuable opportunity to reduce renovation construction costs.
Missouri companies and municipalities are already making use of these incentives. The City of Brentwood has made charging easier for residents by installing four chargers at its recreation center and ice rink, all of which are available for the public to use at no cost to the user.
Visit AmerenMissouri.com/EV to learn more about how to take advantage of the incentives available to local businesses. Ameren Missouri must preapprove the projects prior to construction to be eligible.