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How to maximize alternative fuel tax credits
From charging incentives to government rebates, businesses that invest in critical infrastructure for electric vehicles already enjoy a range of financial benefits. In some cases, these advantages can recur year after year during tax season.
Alternative fuel tax credits not only help your business save money but also position you for the future of transportation. However, to fully benefit from these credits, it's essential to understand what they are and how they apply to your specific situation.
Whether your business is based in the United States or Canada, taking advantage of every available incentive is key. Here’s how you can identify which alternative fuel tax credits apply to your company and whether you qualify.
**Qualifying for Alternative Fuel Tax Credits**
The first step in maximizing your tax benefits is understanding which incentives you’re eligible for. When you think of "alternative fuel," you might immediately think of electric vehicles—but that’s just one of 12 power sources defined by the U.S. and Canadian governments. Other options include:
- **Biodiesel and renewable diesel:** Biodiesel is made from vegetable oils, animal fats, or recycled cooking grease, while renewable diesel is derived from biomass.
- **Hydrogen:** Though not yet widely available, hydrogen-powered vehicles offer a promising emissions-free option.
- **Natural gas:** This fuel is often more cost-effective than traditional gasoline or diesel.
- **Ethanol:** Made from corn and other plant materials, ethanol is commonly blended with gasoline for vehicle use.
While EVs currently dominate the market for alternative fuel vehicles, the focus of current policies tends to favor businesses involved in electric vehicles and their infrastructure, such as charging stations. The type of business you run also plays a role—such as the **Alternative Fuel Infrastructure Tax Credit (AFITC)**, which applies to those who install EV chargers, including in multi-family buildings, hotels, and commercial parking lots.
**Examples of Alternative Fuel Tax Credits**
Staying informed about state, provincial, and federal incentives is crucial to maximizing your savings. For example, over 70% of the U.S. offers EV charger rebates or incentives. If your business focuses on making EVs more accessible, tools like ChargeLab’s **Rebate Finder** can help you locate specific incentives based on your location and charger type.
In 2023, the Canadian government proposed five new investment tax credits aimed at encouraging clean energy adoption. If approved, these could provide refunds for infrastructure investments. Additionally, many provinces already offer their own programs, such as Alberta’s **MCCAC Electric Vehicle Charging Program**, which provides up to $5,000 per Level 2 charger or $75,000 per DCFC (Level 3) charger.
**Combining Tax Credits with Rebates for Maximum Savings**
Tax credits typically come back as refunds after filing taxes, but combining them with rebates can provide upfront financial relief. Some common rebate types include:
- **Prescriptive rebates:** Fixed amounts based on charger type and features.
- **Point-of-purchase rebates:** Often offered by manufacturers for residential projects.
- **Make-ready rebates:** Target expensive Level 3 chargers and cover construction and electrical work.
- **Turnkey rebates:** Cover materials and installation, ideal for installers.
- **Case-by-case rebates:** Customized incentives based on specific project needs.
As the shift toward alternative fuels accelerates, more incentives are likely to emerge. Always consult with your accountant or tax team, and keep an eye on official government resources.
**Charge into the Future**
Over 4.1 million plug-in hybrid and battery electric vehicles were sold in the U.S. between 2010 and 2023—and that number continues to rise. With 60% of EV drivers using public chargers despite having home options, there's a growing opportunity for businesses to tap into this market.
But installing EV chargers isn’t just about hardware; it also requires smart software. That’s where **ChargeLab** comes in. Our platform powers leading EV charger manufacturers, installers, and network operators across North America. As the only true operating system for EV chargers, we turn any OCPP device into a smart, efficient solution.
Ready to take your business forward? **Contact the ChargeLab team today** and discover how we can help you grow while saving money through tax credits and rebates.