What is NEVI?
As part of the Bipartisan Infrastructure Law, $5 billion in funding is available for the new National Electric Vehicle Infrastructure (NEVI). NEVI will build out a national electric vehicle charging network which is critical for making electric vehicle (EV) charging accessible to all Americans.
Funding Formula
The $5 billion in funding is provided over five years to help states create a network of EV charging stations. Through NEVI, States will install the EV charging stations alongside designated Alternative Fuel Corridors (AFC), primarily the Interstate Highway System. The current funding available to states for the Fiscal Year 2022 under the NEVI Formula Program is $615 million.
Acquiring Funds
Each state must submit an EV Infrastructure Deployment Plan to access the funds. The plans will follow the Federal Highway Administration’s guidance, ensuring all users’ convenient, affordable, and equitable charging experience. The plans submitted to the new Joint Office of Energy and Transportation must describe how the state intends to use its share of NEVI Formula Program Funds. Currently, $10,489,110 in funding is available for Washington State in 2022.
Competitive Grant
There will also be another competitive grant program announced later this year that aims to increase EV charging access in rural and underserved communities. $2.5 billion is provided to this second competitive grant and hopes to support innovative approaches.
Investing for the Future
Together the NEVI and Competitive grant total $7.5 billion, the largest-ever US investment in EV charging, and sets up the transition to a zero-emission future. Purchasing and owning EVs will drive growth and innovation in battery technology which is critical for the renewable energy industry. Leveraging the private sector to electrify and invest in battery-powered transportation will assist commercial transportation activities to go electric.
The Joint Office of Energy and Transportation
Successfully launching a new website earlier this year, the Joint Office of Energy and Transportation is encouraging people to join and support the efforts of building a future where everyone can ride and drive electric!
Automakers investing in an EV future
Almost every car manufacturer selling vehicles in the US is pushing new all-electric vehicle lines. Luxury brands like Porsche and Mercedez to common brands like Hyundai and Ford. Each with its price point and green rating
Automakers have announced a whopping $526 billion collective investment in electric vehicles through 2026, more than double the amount they mapped out over a similar time frame a couple of years ago. (use Bloomberg image). And in the US alone, 13 carmakers have announced spending over $75 billion to build EV manufacturing plants in six states.
The dawn of an electrified future
With federal and bipartisan investments in EV infrastructure, automakers plan to make more than 100 EV models available by 2025. The future is looking as electric as ever for private transportation in the US. As the transition continues, noise and air pollution will be reduced; as a result, improving the quality of life for millions of people.
There is still a considerable need to electrify cargo and freight transportation to impact emissions for the transportation industry. Investing in these infrastructure networks will drive more purchases into EV, EV charging, and battery technology which all help to increase the deployment of these technologies and influence the rest of the world to do the same.
Do you have an EV and need to install a level 2 charger or outlet to charge at home conveniently? Look no further! Click the button below to learn more about our EV charging page!
