New York State needs more secure, sustainable, and clean transportation solutions. The goal is to increase EV adoption amongst low-and moderate-income drivers, ideally targeting an equal share of EV registrations across income levels, with near-term success to be benchmarked against comparable initiatives in other U.S. states.
The menu of proposed solutions are as follows:
- Point-of-Sale Rebate: The current average price of an EV is equivalent to an entry-level luxury car. As the largest obstacle for LMI individuals is the upfront cost of electric vehicles, we propose a $2,000 increase in the rebates for new, leased, and Certified Pre-Owned (CPO) electric vehicles for low- and middle-income New Yorkers to receive $4,000 total from NYSERDA.
- Affordable loans with Financial-Risk Sharing Mechanisms: To tackle actual or perceived lower credit or available cash of LMI population and to offer more affordable loans to them, NYSERDA could address the risk premium and cooperate with financial institutions to share risk and offer lower-threshold loans for LMI population, including forming multi-bank structure by setting up Multibank community development corporations (MBCDCs), cooperating with Community Development Financial Institutions (CDFIs), and co-Investing with mission-related funds.
- Charging Installation Rebate: For LMI individuals who reside in a home with a garage, installing a charging station is an economical and practical decision when purchasing an EV. However, the initial cost of the charger can be a burden. To alleviate this obstacle, we recommend a $250 rebate for either an at-home Level 2 charging system or benefits card which can be redeemed at any public charging station.