Hartford Business Journal

HARTFORDBUSINESS.COM | October 10, 2022 25 who are in the market are considering buying an electric vehicle," Aiosa said. "Round that up, and a quarter of every new buyer is having an interest in converting from combustion to electric — that's great news." Still, he and his dealership colleagues continue to hear three common concerns about EVs: afford- ability; range anxiety; and the lack of charging infrastructure. But Aiosa said range fears are being addressed by manufacturers as technology gets better and longer distances between charges become possible. Prices, he added, will hope- fully become more affordable as the EV industry grows. "The immediate thing that the state and federal government can do is address that lack of infrastructure," Aiosa said. "There's a gas station on every corner, but there isn't a charging station on every corner." Aiosa said he sees vehicles of all makes and models using his dealer- ship's public charging stations, but more chargers along highly-traveled corridors would help. Financial incentives Financial incentives are another big driver of EV adoption. The Connecticut Hydrogen and Elec- tric Automobile Purchase Rebate program offers residents up to $9,500 in money back when buying or leasing certain electric vehicles with a manufacturer's suggested retail price up to $50,000; 8,521 rebates have been issued through the program since it began, according to state data. The federal government also has a program that gives residents up to a $7,500 tax credit for the same purchase, depending on the vehicle, and other tax credits can be used for charger installations. "We definitely see a change in behavior when there is incentive money, and the secret sauce is not just federal or not just state, but the two combined," Aiosa said. "That really does move the needle because, again, there's a consid- erable upcharge to get into this technology because we're truly not to scale yet." DEEP's Farrell said that, according to post-rebate surveys, "upwards of 90%" of EV buyers who use the incentives said they were an important factor in their purchase decision. Plug-in EV sales repre- sented 7.6% of all car purchases in the state in the second quarter of this year, he noted. The state's rebate program used to be just for residential use, but now businesses can also use incentives for EV purchases or charging stations. Ingalls, of CT Electric Car Charging Systems, said he's seeing rebates come into play for property manage- ment companies that have apart- ment, condominium, office or parking complexes. They can also use rebates to install charging stations at their properties for the people living or working there. "That's who I think is going to be taking advantage of it big time," Ingalls said. "As a property owner of a large complex, you're not really going to want to shell out $40,000 for half-a-dozen chargers, … but if you can get that money back in a rebate, they're probably not only going to do it, but it'll help them sell or rent their properties." Regardless of the state's lofty goals, electric vehicles are here to stay. Aiosa compared driving an elec- tric vehicle to going from a flip phone to a smartphone. "My opinion is that once you're in the technology, you will never go back," Aiosa said. CT'S MOST POPULAR EV BRANDS These are the most popular electric vehicles bought in CT using the state's Connecticut Hydrogen and Electric Automobile Purchase Rebate. Model Purchases Tesla Model 3 1,829 Toyota Prius Prime 1,314 Chevrolet Volt 877 Chevrolet Volt EV 776 Toyota RAV4 Prime 696 Nissan LEAF or LEAF Plus 571 Honda Clarity PHEV 461 Ford Fusion Energi 311 Hyundai Kona Electric 241 Source: Department of Energy and Environmental Protection Member FDIC Equal Housing Lender All loans are subject to credit and underwriting approval. For more information contact Steve Roche, Market President: sroche@liberty-bank.com or visit liberty-bank.com/commercial-lending $7,200,000 Construction Mortgage Manufacturer Hartford County $40,000,000 Commercial Mortgages Operations Fairfield County We're the kind of bank that helps our community grow. $7,900,000 Construction Mortgage Gas Station / Convenience Stores Southern CT

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