If you're thinking of buying an EV, now's a great time to go electric!
That’s because Hawaii has several incentive programs in place to make owning and driving an electric vehicle a joy. These include:
Use of HOV and
with a single occupant in vehicle
at state and municipal garages
in metered stalls
A $7,500 federal tax credit
for purchasing an electric vehicle
Making EV charging easier and cheaper
The Public Utilities Commission approved a proposal by the Hawaiian Electric Companies to make it financially more attractive for businesses to install a DC Fast Charger accessible to the public. Known as EV-F, it allows businesses with separately metered Fast Chargers to be billed without a “demand charge” that might increase costs to the public. The EV-U tariff allows the Hawaiian Electric Companies to operate up to 25 publicly accessible fast charge facilities across Oahu, Maui County and Hawaii Island to supplement privately operated Fast Chargers and Level Two chargers open to the public.
Time of Use (TOU) Rates
Residential customers of the Hawaiian Electric Companies are able to apply for discount Time of Use rates that make all home electricity use, including electric vehicle charging, cheaper during the day when excess solar power is available on grids across Oahu, Maui County and Hawaii Island. This can reduce total home energy bills (electricity plus transportation) for many electric vehicle owners.
Federal Tax Credit
Since 2008, the federal government has offered consumers a $7,500 tax credit for every electric vehicle purchased. In Hawaii, some automobile dealers even offer flexible lease arrangements allowing consumers to take advantage of this federal tax credit upfront.
Plug-in EV credit
Customers can receive a tax credit of between $2,500 and $7,500, depending on the vehicle battery capacity (Battery-only EVs will typically receive the full $7,500, while Plug-in hybrids will receive less than $7,500). A list of all models and the corresponding tax credits is maintained by the DOE: https://fueleconomy.gov/feg/taxevb.shtml.
Hawaii EV drivers not only get a great driving experience, but they can also take advantage of special perks:
- EV designated stalls exclusive for their use at select parking lots and garages
- Access to high-occupancy lanes (HOV) even with a single driver
- Free parking in all metered stalls, and state and county municipal parking lots, including the airport
- Owners of multi-unit dwellings such as condominiums are allowed to install EV charging systems on or near their parking stalls