IM Plugged In EV Incentive Program Announced by I&M Power
Indiana Michigan Power (I&M) recently announced its IM Plugged In program which will accelerate Indiana residents’ adaptation of electric vehicles by giving them an incentive for installing charging equipment and discounting electrical rates for those who charge their EVs overnight.
“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.”
HomeServe has partnered with I&M and will be supporting the IM Plugged In program by dispatching an electrician to install the charging equipment and providing an optional interior electrical protection plan.
“It makes charging easier at home,” Tokash told WANE-TV. “For them, it takes the hassle out of them working with contractors to do that and they can save money while charging their vehicle and be ready to drive, [essentially] with a full tank of gas every morning.”
There are already more than 2 million EVs on the roads, and Americans are expected to have nearly 19 million EVs within the next decade, according to the Edison Electrical Institute. In Indiana, EV purchases increased by 25 percent between 2019 and 2020. While only 7 percent of Americans currently own an EV, another 39 percent said they were very or somewhat likely to purchase one the next time they purchased a vehicle, according to a Pew Research Center study.
Transportation accounts for the largest share – 29 percent – of greenhouse gas emissions in the United States, according to the EPA, so EVs are an important tool in reducing overall emissions.
“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,” said Kerri Garvin, Executive Director of Greater Indiana Clean Cities, Inc.
I&M will provide a $500 incentive toward the installation of wiring for a residential EV meter to reduce the cost of taking advantage of the discounted rates. It is available for both Indiana residents who already have an existing charger and who are installing a new charger.
However, without programs such as I&M’s IM Plugged In, many residents are unsure where to turn for guidance on installing a new EV charger and other equipment, such as housing for an EV meter. It can be a disjointed and confusing experience, one in which energy utilities can become a trusted advisor.
The overnight charging rate is 33 percent below standard rates and available to those who charge their vehicles from 11 p.m. to 6 a.m. This overnight charging will allow EV owners to travel up to an estimated 4,700 miles without filling the gas tank.
“Indiana Michigan Power’s program is acknowledging the fact that people want to implement this technology and use these vehicles and it’s helping them get there,” Garvin told WANE-TV. “There’s a high demand for it. More people are buying these vehicles and people see it as an incentive to bring people to those areas.”
These incentives are in addition to federal tax credits – a 30 percent Federal Investment Tax credit (up to $3,000) for the installation of a new charger until Dec. 31, and a federal income tax credit of up to $7,500 for a battery or hybrid EV.
For more information about the IM Plugged In program, visit the website; and for more information about how HomeServe can help make installing an EV charger hassle free for your customers, contact us.