Electric Vehicle Offers & Information
Sioux Valley Energy offers several electric vehicle rebate and rate options including a New EV Purchase Rebate, EV Ready New Home Construction Rebate, Commercial/Public EV Charger Rebate, Time of Use Rate (whole home rate including EV charging) and a Plug-In Rate (EV charging only). See program details below.
To apply for rebates, fill out and submit the form online. SVE rebate programs and rates are subject to change. Some restrictions apply. Must apply for rebates by December 31st of the current year when purchases are made.
To apply for rebates, fill out and submit the form online. SVE rebate programs and rates are subject to change. Some restrictions apply. Must apply for rebates by December 31st of the current year when purchases are made.
EV Rate Options
Sioux Valley Energy is currently offering several programs that may help EV owners save money on charging.
• Time of Use Rate (TOU)*: Take advantage of off-peak rates for your whole home usage including EV charging.
• Plug-in Rate: Take advantage of off-peak rates for electric vehicle charging. Sub-meter required.
*The Time of Use Rate (TOU) was developed for members who are seeking opportunities to have a direct impact on their electric bill through their conservation efforts and daily usage habits. Contact the member services department to sign up for a three-month risk-free trial period to get acclimated to the new rate structure without the concern of paying a higher amount than the regular rate program. Use SmartHub to manage and review your usage.
• Time of Use Rate (TOU)*: Take advantage of off-peak rates for your whole home usage including EV charging.
• Plug-in Rate: Take advantage of off-peak rates for electric vehicle charging. Sub-meter required.
*The Time of Use Rate (TOU) was developed for members who are seeking opportunities to have a direct impact on their electric bill through their conservation efforts and daily usage habits. Contact the member services department to sign up for a three-month risk-free trial period to get acclimated to the new rate structure without the concern of paying a higher amount than the regular rate program. Use SmartHub to manage and review your usage.
Electric Vehicle Purchase/Lease Rebate
With today’s technologies, the average all-electric vehicle can go nearly 300miles on a single charge which covers the daily commute for most drivers, even in rural areas. Plug-in hybrid vehicles have an average range of 20 to 50 miles on the electric battery, along with having a gasoline engine. EV’s have lower operating costs, are virtually maintenance free, and have no tailpipe emissions. Electric motors provide quiet, smooth operation and their power and quick acceleration make them fun to drive. Enjoy the convenience of charging up at home. In addition to SVE’s EV rebate and special rate programs, instant dealership rebates are available for eligible models at the time of purchase.
Members can receive a rebate for the purchase or lease of an electric vehicle in 2024.
Enrollment in one of the off-peak rate programs is required in order to receive the rebate. Rates are as low as $.0584/kWh.
Off-Peak Rate Options:
- $500 rebate for a Battery Electric Vehicle (BEV)
- $250 rebate for Plug-in Hybrid Electric Vehicle (PHEV)
Enrollment in one of the off-peak rate programs is required in order to receive the rebate. Rates are as low as $.0584/kWh.
Off-Peak Rate Options:
- Time of Use Rate (whole home usage including electric vehicle charging)
- Plug-in Rate (240-volt electric vehicle charging only, sub-meter installation is required)
- Refer to current rate schedules for more details
Incentive Information
Program includes two rebate options:
$500 Rebate with purchase/lease of BEV
$250 Rebate with purchase/lease of PHEV
$500 Rebate with purchase/lease of BEV
$250 Rebate with purchase/lease of PHEV
$300 New Home Construction EV Ready Rebate
A rebate of $300 is available for a newly constructed home that has been wired to be EV ready for future electric vehicle charging. At a minimum, one-inch conduit should be installed from the breaker panel to the garage to provide a means for future EV charger installation. If preferred location for a receptacle is known, installation of a 40 amp (minimum) branch circuit and NEMA 14-50 receptacle is also acceptable.
Incentive Information
$300 rebate is available for a home that has been wired to be EV ready for a future level 2 electric vehicle charger.
Commercial Electric Vehicle (EV) Charger Rebate
Commercial Electric Vehicle (EV) Charger Rebate/Rate Program
Rebate and rate programs are available for electric vehicle (EV) charging equipment installed for commercial, public, workplace, multi-family, and fleet applications. The business must be a Sioux Valley Energy member. Enrollment in an EV rate program is a requirement of the rebate. Lifetime member maximum of $5,000. Contact SVE or refer to rate schedules for more details.
Rebate and rate programs are available for electric vehicle (EV) charging equipment installed for commercial, public, workplace, multi-family, and fleet applications. The business must be a Sioux Valley Energy member. Enrollment in an EV rate program is a requirement of the rebate. Lifetime member maximum of $5,000. Contact SVE or refer to rate schedules for more details.
Level 2 Charger Rebate: (Minimum of 7.7 kW charging capacity wall-mounted or pedestal chargers, 240 V NEMA 14-50 outlet is not eligible)
- Single Plug EV Charger Rebate $500 per charger
- Dual Plug EV Charger Rebate $1,000 per charger
Level 3 Charger Rebate: (50 kW or larger required)
- Rebate of $2,500 per charger
Incentive Information
$500 rebate is available for the purchase/installation of a single head commercial/public Level II EV charging station.
$1,000 rebate is available for the purchase/installation of a dual head commercial/public Level II EV charging station.
$2,500 rebate is available for the purchase/installation of a 50 kW or larger Level III EV charging station.
$1,000 rebate is available for the purchase/installation of a dual head commercial/public Level II EV charging station.
$2,500 rebate is available for the purchase/installation of a 50 kW or larger Level III EV charging station.
Federal Tax Credit for New & Used Electric Vehicles
A federal tax credit is available for new and used electric vehicles that meet requirements specified in Internal Revenue Code Section 30D.
New Vehicle Clean Credit up to $7,500.
You may qualify for a credit up to $7,500 if you buy a new, qualified plug-in EV between 2023 to 2032. Under certain conditions between a dealership and a seller, "leasing" a vehicle may allow the purchase to be treated as a "commercial vehicle," thus making it eligible for the full tax credit without satisfying some of the strict program eligibility requirements. Be sure to inquire with the dealership and a tax professional when researching purchase options.
Used Vehicle Clean Credit up to $4,000.
Beginning January 1, 2023, if you buy a qualified used electric vehicle (EV) from a licensed dealer for $25,000 or less, you may be eligible for a used clean vehicle tax credit. The credit equals 30% of the sale price up to a maximum credit of $4,000. Additional Details.
The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.
Starting in January 2024, an Inflation Reduction Act provision allows consumers to transfer the tax credit to car dealers, reducing the purchase price of eligible new and used vehicles at the time of sale.
New Vehicle Clean Credit up to $7,500.
You may qualify for a credit up to $7,500 if you buy a new, qualified plug-in EV between 2023 to 2032. Under certain conditions between a dealership and a seller, "leasing" a vehicle may allow the purchase to be treated as a "commercial vehicle," thus making it eligible for the full tax credit without satisfying some of the strict program eligibility requirements. Be sure to inquire with the dealership and a tax professional when researching purchase options.
Used Vehicle Clean Credit up to $4,000.
Beginning January 1, 2023, if you buy a qualified used electric vehicle (EV) from a licensed dealer for $25,000 or less, you may be eligible for a used clean vehicle tax credit. The credit equals 30% of the sale price up to a maximum credit of $4,000. Additional Details.
The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.
Starting in January 2024, an Inflation Reduction Act provision allows consumers to transfer the tax credit to car dealers, reducing the purchase price of eligible new and used vehicles at the time of sale.
- Consult your tax adviser to make sure you qualify
- Tax credit amount varies based on vehicle details
- Restrictions apply, subject to change without notice
Incentive Information
Electric Vehicle Federal Tax Incentive up to $7,500
Federal Tax Credit for Electric Vehicle Charging Equipment up to $1,000
If you install qualified vehicle refueling and recharging property at your home, including electric vehicle charging equipment, you may be eligible for a credit of up to $1,000 for each item of property.
- Consult a tax professional to see if your installation qualifies
- Visit IRS website for additional information
Incentive Information
Federal Tax Credit up to $1,000 for residential charging equipment