Electric vehicle (EV) adoption is set to skyrocket. As more miles are driven on electric fuel, the need for EV charging stations will grow rapidly. To help accommodate this need, businesses and organizations can provide EV charging at their workplaces for their employees, their fleets, and the public. Governments and utilities can provide incentives to encourage this, but it will occur even faster with strong market motivation.
In order to accelerate EV charger deployment, the Connecticut Green Bank (the Green Bank) and its partners have created a new revenue stream for EV charger owners. Businesses can now be paid for the carbon offset credits they create when EVs charge on their properties, adding to the positive economic and environmental benefits of workplace and public charging,
EV charging helps reduce greenhouse gas emissions. To quantify these reductions, the Green Bank developed a methodology that enables the creation of carbon offset credits. The credits are determined by how much electricity is dispensed by the charger and the carbon intensity of the electricity delivered.
In some markets, public EV charging currently runs on thin margins. Without chargers in their vicinity, people are less likely to buy EVs. If the utilization of public chargers is too low, there may not be enough revenue to match the costs of hosting them. Carbon offset credits help cover that margin and support their deployment in new territories. This system provides a new funding source from carbon capital markets and accelerates EV charger deployment across the world.
Forth is proud to connect its charging-industry partners with the Green Bank to take advantage of this opportunity to create a new revenue stream for EV charging.
To learn more about this program and get involved please join us on January 25th when Forth and the Green Bank will co-host a webinar on the topic. Register here.
For more information on the program, contact WhitakerJ@Forthmobility.org.