California Boosts Electric-Car Charging Investment by $1 Billion

Source: By Mark Chediak, Bloomberg • Posted: Sunday, November 20, 2022

Electric vehicle (EV) charging stations in a municipal parking lot in Los Angeles.

Electric vehicle (EV) charging stations in a municipal parking lot in Los Angeles. Photographer: Dania Maxwell/Bloomberg

California plans to spend an additional $1 billion to bolster its vehicle-charging network as it races to build the infrastructure needed to phase out gas-powered trucks and cars.

The five-year program will allocate 70% of the funding for medium- and heavy-duty vehicle charging, with the balance for light-duty equipment at or near multi-unit dwellings, according to a California Public Utilities Commission statementThursday.

While California is a global leader in the fight against climate change, it will need significant charging investment to meet its ambitious emissions targets. Among the key goals: ceasing the sale of new gas-powered vehicles by 2035.

California’s new charging program will be funded by the state’s investor-owned utilities, with rebates to be offered starting in 2025 for customer investments in businesses, factories and apartments, the commission said. Higher rebates will be provided for projects in low-income and tribal communities.

The commission said it has approved more than $1.8 billion in ratepayer funding for transportation-electrification infrastructure over the past six years.