February 21, 2024
Smart Rebates Newsletter February 2024: LCFS Updates, New Legislation and More
Q3 2023 LCFS and CFP Rebate Payments are on The Way!
Smart Charging Technologies LLC (SCT) are pleased to announce that we have completed the reporting and sales of the LCFS & CFP credits for all of SCT’s Smart Rebates customers for Q3, 2023. Smart Rebates customers should expect their rebate payments over the next three to four weeks as SCT partners’ sales rep visit your site to distribute rebate checks.
Regulation Updates to the California Clean Fuel Standard
The California Air Resources Board (CARB) has finalized changes to the Low Carbon Fuel Standard (LCFS) regulations. The CARB board expects to review the new changes to the LCFS program in Q1 or Q2 2024. Among the most relevant regulation changes are:
- CARB proposes increasing the average carbon intensity (CI) reduction target to 30% by 2030, up from the current 20% target. CARB is also stepping up the CI target for 2025 by 5%. These changes should create more demand for LCFS credits and increase LCFS credit prices.
- CARB is also proposing new price ratcheting mechanisms to improve LCFS credit prices. This is expected to be triggered in 2027 and is meant to step up CI targets to stabilize LCFS credit prices.
- CARB is proposing metering for electric forklift trucks. It is anticipated that California will pass metering of forklifts as it is already mandatory in Oregon, Washington, and all of Canada. SCT is pleased to offer the Charglink metering solution to allow our client companies to continue participating in the SmartRebates program.
New LCF Legislation Across the US
New Mexico: The New Mexico Senate passed the Clean Transportation Fuels Standard Bill (CTFS), HB 41 on 2/13/2024, which already passed the House and will now go to Governor Michelle Lujan Grisham for signature. The new CTFS is aimed at lowering the state’s fuel carbon intensity over time to 20% by 2030 and 30% by 2045. Stay tuned for updates on when the regulations will be released.
New York: A draft Clean Fuel Standard of 2024 (CFS) legislation (SB1292 and AB964) bills are in each chamber’s respective Environmental Conservation Committee. The 2024 session of the New York legislature ends June 6th.
New Jersey: A bill to establish an LCF program in New Jersey (SB2425) is in the Senate Environment and Energy Committee. If passed by the full legislature, New Jersey would be the first state on the eastern seaboard to establish a clean fuel transportation standard.
Illinois: A bill to establish a Clean Transportation Standard (CTS) in Illinois (SB1556) is in the Assignments Committee.
Hawaii: A bill to establish a Low Carbon Fuel (LCF) program in Hawaii (HB2297) has been scheduled for decision-making. This represents the first time such a bill has come under consideration in Hawaii.
SCT’s Metering Technologies
As almost all states are mandating metering for forklift truck reporting, SCT and its partners are very happy to announce that we have developed an innovative charger metering technology that will allow our SmartRebates program participants to comply with the various LCFS programs.
Charglink: SCT has developed the Charglink product platform, an innovative, cellular, cloud-based industrial charger monitoring and data logging device. Charglink automatically tracks and logs actual Amp-Hour and kWhr supplied by industrial chargers to charge electric forklift trucks thus providing an audit trail of actual forklift electricity usage at clients’ manufacturing and distribution facilities. Each Charglink unit is equipped with cellular wireless communication for remote monitoring and configuration, where data is automatically uploaded to SCT’s cloud-based servers. The Charglink unit is easily installed at the output terminals of industrial chargers for an easy upgrade to a metered and wireless-connected charger.
Learn more about how Smart Rebates can help you earn additional revenue.
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SCT provides cost-effective telematics and remote power management solutions that optimize motive power fleet and self-service machine efficiency and reduce downtime with essential insights.
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