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11/17/2017

AVANGRID Provides $2 Million Grant To Continue CT Zero-Emission Vehicle Rebates

AVANGRID Provides $2 Million Grant To Continue CT Zero-Emission Vehicle Rebates

ORANGE, Connecticut — Nov. 17, 2017 — AVANGRID, Inc. (NYSE: AGR), a diversified U.S. energy company, today announced a $2 million grant that will allow the State of Connecticut to continue offering a popular rebate program for zero-emissions vehicles.

The initiative, known as the Connecticut Hydrogen and Electric Automobile Purchase Rebate (CHEAPR) program, provides direct financial incentives up to $5,000 for state residents who purchase or lease a new zero-emission vehicle. It was launched in 2015 by Gov. Dannel P. Malloy. 

Commissioner Rob Klee of the Connecticut Department of Energy and Environmental Protection announced the funding Friday, at the opening of the Connecticut International Auto Show in Hartford, where non-polluting electric and hydrogen vehicles were on prominent display.

“CHEAPR reduces the cost of electric vehicles at the point of sale, directly benefiting Connecticut consumers who may not have otherwise considered this technology,” Klee said. “It will also help Connecticut meet its goals as part of an eight-state effort to put 3.3 million zero emission vehicles on the road by 2025 — driving down harmful carbon emissions linked to climate change, reducing conventional pollutants that threaten public health, and helping cut costs for motorists.”

Orange, Connecticut-based AVANGRID provided the funding as part of a broader commitment to support energy efficiency, renewable generation, energy storage, alternative transportation and other clean technologies in Connecticut. In addition to its regulated electric and gas companies in the Northeast, its Avangrid Renewables business owns and operates renewable generation facilities — primarily wind and solar — in 22 U.S. states, and is one of the top U.S. wind generation companies.

“As a new kind of energy company, AVANGRID is helping to build the clean energy infrastructure that will bring the benefits of transformative technologies, such as electric vehicles, to our customers’ homes and businesses,” said Anthony Marone III, president and CEO of Connecticut operations for Avangrid Networks. “We’re pleased to support programs, such as CHEAPR, that help make these technologies affordable and available to Connecticut residents.”

Zero-emission vehicles include battery-electric vehicles, plug-in hybrid-electric vehicles, and hydrogen fuel-cell-electric vehicles, among others.
Since Gov. Malloy launched CHEAPR in May 2015, nearly $4.6 million in rebates have been issued or reserved for the purchase or lease of 2,135 electric vehicles in Connecticut. 

Consumers purchasing EVs have the option to receive a reduction in the price of their vehicles under the CHEAPR initiative at the point-of-sale. This up-front cost reduction is critical because EVs may cost more than their conventional counterparts, and their residual value can be lower because of their rapidly evolving technology. 

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About Avangrid

About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $44 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs approximately 8,000 people and has been recognized by JUST Capital in 2021, 2022, 2023 and 2024 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2024, Avangrid ranked first among utilities and 12 overall. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2024 for the sixth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.

 

About Iberdrola: Iberdrola is one of the world's biggest energy companies and a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.

With a workforce of nearly 40,000 and assets in excess of €141.7 billion, across the world, Iberdrola helps to support 400,000 jobs across its supply chain, with annual procurement of €12.2 billion. A benchmark in the fight against climate change, Iberdrola has invested more than €130 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.

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