(Bloomberg) -- California plans to spend an additional $1 billion to bolster its vehicle-charging network as it races to build the infrastructure needed to phase out gas-powered trucks and cars.
The five-year program will allocate 70% of the funding for medium- and heavy-duty vehicle charging, with the balance for light-duty equipment at or near multi-unit dwellings, according to a California Public Utilities Commission statement Thursday.
While California is a global leader in the fight against climate change, it will need significant charging investment to meet its ambitious emissions targets. Among the key goals: ceasing the sale of new gas-powered vehicles by 2035.
California’s new charging program will be funded by the state’s investor-owned utilities, with rebates to be offered starting in 2025 for customer investments in businesses, factories and apartments, the commission said. Higher rebates will be provided for projects in low-income and tribal communities.
The commission said it has approved more than $1.8 billion in ratepayer funding for transportation-electrification infrastructure over the past six years.
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