Open to all: Co-op offers up to $5,000 towards the purchase of electric vehicles

Posted: April 13, 2022 at 1:29 pm

When Roanoke Electric Cooperative announced that it would be offering prospective electric vehicle owners up to $5,000 towards purchasing an EV in September 2021, it was to assist the first 17 low-to-moderate-income member-owners.  However, the co-op is ramping up its EV Pilot Program once again, opening this offer to all member-owners interested in purchasing an electric vehicle.

“With effects lingering from the fuel crisis, we recognize that our member-owners feel the financial burden of pulling up to the gas pumps,” said Marshall Cherry, the co-op’s president and CEO.  Cherry continued that this enhancement furthers the co-op’s strategic efforts to ensure that the benefits of EV ownership are accessible to all member-owners – especially at a time like the present.

The funding opportunity comes from an $85,000 grant awarded to the co-op by the Mary Reynolds Babcock Foundation, a philanthropic organization seeking to alleviate poverty and increase social and economic justice in 11 southern states.

“We are greatly appreciative of the grant from Mary Reynolds Babcock Foundation and want to make sure our membership takes full advantage of this valuable opportunity that lessens the burden of the upfront costs of EV ownership,” Cherry stated.

Cherry projects that ten to fifteen percent of the co-op’s membership will own at least one EV by 2030.  “This funding opportunity not only creates a huge savings opportunity for our member-owners, but it pushes us one step closer to reaching our overall goal for EV ownership in our region.”

Member-owners with a length of service at their participating location of at least three years are eligible for the $5,000 incentive.

What vehicles are eligible for the grant funding?

  • Any battery-electric vehicle
  • Must be no older than ten years old
  • Less than 75,000 original miles
  • No modifications to chassis or emission control systems
  • Clean title
  • No open recalls
  • Able to provide vehicle history report and vehicle inspection

Member-owners are encouraged to contact the co-op’s office and coordinate with staff on vehicle selection.  Once a member-owner submits a funding application and it is approved, the co-op will buy down the cost of the vehicle with the dealer.  The grant will be paid directly to the dealer to lower the overall cost of the new or used vehicle.  The maximum available for funding toward purchase is $5,000.

The grant offering is available until Dec. 2022.  Member-owners who receive the grant must also participate in the co-op’s EV Pilot program.

These savings add up even more for participants in the pilot.  For a $50 per month flat rate, they can drive a range of nearly 1,500 miles on a full charge.  That “subscription rate” compares to about $185 it would cost to drive a 20-miles per gallon vehicle the same distance.  Participants also benefit from “re-charging” at home with the new charging station that will be professionally installed at the home with no upfront cost to member-owners – a $1,700 value.

The financial aspect isn’t the only barrier the co-op seeks to address in this effort.  “We recognize another real concern for our membership is range anxiety,” Cherry explained.  The co-op has installed various public charging stations in Herford and Halifax counties and is expanding the installments to other surrounding counties, including Gates.

Those interested in learning more about electric vehicles and the EV Pilot Program are encouraged to contact the co-op.  Roanoke Electric’s staff will share more detailed information about how EVs work and the cost-savings potential.  Member-owners may also schedule a test drive in the co-op’s electric vehicle.

For more information about the co-op’s EV Pilot Program, call 252-209-2236 or visit our Electric Vehicles page at www.roanokeelectric.com/ev.