This Electric Truck Qualifies For Up To $120,000 In Incentives
Orange EV’s Class 8 electric trucks have been approved for up to $120,000 purchase incentives in California.
One would think with this kind of money on the table there should be no excuse for not buying this truck if you were shopping for a heavy hauler.
All the eligible heavy vehicles (trucks and buses) in the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) are listed here. And as it turns out, some electric buses are even approved for incentives up to $115,000.
Presser from Orange EV on the news:
Orange EV Wins Industry-First Approval for California Incentives of $95,000 per Class 8 Electric Truck
KANSAS CITY, Mo., August 24, 2016 – Orange EV the leading OEM in electrification solutions for industrial fleets today announced that California fleets can save at least $95,000 per truck on purchase of brand new T-Series pure electric terminal trucks with extended duty battery pack.
Orange EV electric terminal trucks have been operating up to 24+ hours per charge at sites from single shift to 24×7 in: railroad intermodal, LTL freight, manufacturing, retail distribution, waste management and warehouse container handling. Businesses and organizations with fleets in California can get a preliminary voucher amount of $95,000 per truck, increasable up to $120,000 and stackable with other incentive programs to lower initial purchase price.
“California HVIP vouchers dramatically simplify and speed up the process of obtaining funds, thereby accelerating vehicle deployment,” said Mike Saxton, OrangeEV chief commercial officer. “Orange EV’s T-series and the corresponding voucher amount are all pre-approved, eliminating uncertainty and enabling fleets to execute deployment plans without having to go out-of-pocket for the additional capital.”
The voucher request including purchaser terms & conditions is a total of four pages long; vouchers can be approved within days. Participating fleets commit to operating trucks in California for a minimum of three years, after which they may redeploy vehicles as needed. HVIP funds are paid directly to Orange EV thus directly reducing the capital fleets need to purchase T-Series trucks.
Orange EV has consistently been the first OEM approved, funded and delivering commercially available terminal trucks under incentive programs that can pay more than half of vehicle purchase price. The balance can be financed, further reducing initial cash outlay and helping fleets pay the balance from savings in large expense items like diesel fuel. Fleets can spend annually on diesel fuel half or more of what they spend to buy the diesel truck in the first place. The penalties companies pay for operating older, dirtier trucks in California further increase the true cost of diesels. Because fleets can see lower total cost of ownership with electric compared to diesel terminal trucks, financing enables them to deploy electric trucks using budgets planned to buy and operate diesels. Incentives will continue to be an important tool to accelerate initial deployments, but it’s the per truck savings that will drive fleet-wide adoption.
“It makes financial sense to begin deployment now” according to Saxton, “but if the financial upside of going electric isn’t enough, regulatory mandates have increased the urgency.” Strict mandates like those in California Assembly Bill 32 aim to reduce GHG emissions to 1990 levels by 2020, with another 80 percent reduction below 1990 levels by 2050. Companies adopting now using available incentives are renewing their fleet assets and lowering annual operating costs at a lower capital investment.