As National Drive Electric Week focuses on the advantages of electric vehicles (EVs), Indiana Michigan Power (I&M) on Thursday announced details of its IM Plugged In program that offers incentives to Indiana residential customers for installing charging equipment. Participating customers also receive discounted rates for charging their EVs overnight.
IM Plugged In makes charging EVs more affordable and inviting to Hoosier customers as they choose their transportation options. IM Plugged In helps provide customers the convenience of being able to wake up every morning to a fully charged vehicle.
I&M is offering Hoosiers a $500 incentive toward the cost of wiring a residential EV meter. The rebate helps reduce the costs of installing a charger to take advantage of our lower rates and is available to Indiana customers for new and existing equipment.
In a new partnership with I&M, HomeServe helps streamline the process by arranging for an electrical contractor to install the charging equipment and also offers a home wiring protection plan.
IM Plugged In also offers Indiana residential customers an overnight charging rate 33% below standard rates. The rate is available for Hoosiers who charge their vehicle between 11 p.m. and 6 a.m. Charging overnight at the lower off-peak rate creates savings that can equal up to driving 4,700 miles annually with zero fuel costs.
IM Plugged In has a separate program that helps business customers provide charging to their employees and for their fleet vehicles. The IM Plugged In commercial rebate is $250 for each charging port installed at qualified businesses. Incentives are also available for multi-unit apartment buildings.
National Drive Electric Week, Sept. 25 to Oct. 3, showcases the many advantages and conveniences that EVs offer while meeting the transportation needs of Hoosiers. More than 2 million plug-in electric vehicles are registered in the U.S., and according to the Edison Electric Institute, an estimated 18.7 million are expected to be on U.S. roads by 2030.
“Driving EVs has never been more affordable for I&M’s Indiana customers who take advantage of our incentives and lower overnight rates for charging their EVs,” said William Tokash, I&M’s Energy Services Customer Solutions leader. “Now, as more and more Hoosiers are purchasing EVs, our new HomeServe partnership will help our Indiana customers with installing chargers and protecting their home wiring configurations.”
Kerri Garvin, Executive Director of Greater Indiana Clean Cities, Inc., adds that “Indiana Michigan Power’s EV programs are helping to remove barriers for Hoosiers interested in purchasing electric vehicles and installing charging equipment in their homes and businesses. The expansion of Indiana’s electric vehicle fleet will improve air quality, reduce greenhouse gas emissions and improve the health of all Hoosiers.”
Enjoy IM Plugged In Benefits
To participate, Hoosier residential customers need to install a charger and wiring that allows I&M to place a meter near the charging station to measure only EV charging. I&M’s $500 incentive payment for residential charging equipment helps offset the cost of the additional wiring for the meter. Importantly, customers are eligible for this rebate even if they already have an EV charger installed.
Details about the program and the many benefits of EVs are available at www.IndianaMichiganPower.com/ElectricVehicles
Business customers can find more specific information about how IM Plugged In can help at the Web site and scrolling down to “Charge at Work in Indiana.” Customers with questions can email us at IMPluggedIn@aep.com with your contact information or call us at 260-408-3679.
National Drive Electric Week began Sept. 25 and runs through Oct 3. The nationwide event helps make Americans more aware of the benefits of all-electric and plug-in hybrid vehicles. Learn more at http://DriveElectricWeek.org.
In addition to IM Plugged In, customers can look into other incentives. A 30% U.S. Federal Investment Tax Credit (EV ITC) may be applicable to the total cost of a residential or workplace/fleet businesses commercial EV charging station. The EV ITC covers the cost of EV charging equipment purchases and installation costs through December 31, 2021. The EV ITC is capped at $3,000 for residences and $30,000 for commercial workplace or fleet charging stations.