In February 2018, we proposed an innovative program to help prepare New Jersey for the growth of electric vehicles (EVs). As the energy provider responsible for managing the energy grid across southern New Jersey, we play a critical role in supporting EV growth. Our program will help us understand how EVs will affect our system. Understanding these changes now will help us continue to provide safe, reliable and affordable energy services as EVs become more popular. The New Jersey Board of Public Utilities is currently reviewing our proposal.
As a critical part of the East Coast's transportation corridor, New Jersey is experiencing rapid EV growth. Growing demand for EVs requires more charging infrastructure to increase access to electricity. Maintaining reliability and stability as electric demand grows also requires enhancements to the energy grid and changes to how we manage our system. We worked with our partners across the state to identify solutions that will help New Jersey address these challenges and become a leader in the EV market. The residential, commercial and public offerings provided through this program will help us meet our customers' evolving needs.
Atlantic City Electric's proposal outlines a voluntary suite of programs consisting of several key offerings for customers:
Special electric rates for residential customers with EVs who charge their vehicles during off-peak hours.
Residential customers can receive 50 percent off the equipment and installation costs for a Level 2 smart charging station at their home.
Commercial customers who own or operate condominium/apartment complexes, or local businesses and office buildings with garage parking, can receive Level 2 smart charging stations at 50 percent off the equipment costs.
Atlantic City Electric will install and manage 30 Direct Current Fast Chargers (DCFC) in main transportation corridor sites, and up to 150 Level 2 charging stations along major roadways and in neighborhoods within the company's service area.
The company will create a $2-million innovation fund to provide grants to people or groups with projects designed to advance EV charging across the state and support the electrification of the transportation sector.