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Did you know that 60% of all forklifts are now electric? That’s because they are powerful and they save you money. And because they run quietly and are emissions-free, they allow workers to be more aware of their surroundings and breathe cleaner air. The technology has advanced so much in recent years that electric forklifts are rapidly replacing diesel and propane-powered ones, which require significantly more maintenance.

Why go electric?

  • Electric forklifts do more than save on fuel costs. With few moving parts, overall maintenance is 25% lower.
  • They are often easier to drive and free of vibrations, which many businesses and employees enjoy.
  • Heavier batteries result in a lower center of gravity and better stability.
  • Electric forklifts have zero emissions and are fume-free – contributing to a better environment at work and beyond.
  • With no need for loud gas engines, they help keep noise levels down, too.

Curious about how much you can save? Try our forklift cost savings calculator.

Learn more about how we can help you benefit from electric forklifts, and get rebates of up to $500 per unit.

Contact us at Electrification@AEP.com or call 800.311.4634

Eligibility Requirements

  • Non-residential with Indiana Michigan Power account in good standing.
    • Commercial or Industrial account
    • Indiana Michigan Power standard customer
  • Purchase or lease a Class 1, 2 or 3 electric forklift in 2019.
  • Electric forklift must replace
    • Internal combustion unit
    • Expansion of existing electric fleet

Rebate Application

Please complete the online Electric Forklift Rebate Application.

You will need the following information.

  • Valid dated equipment receipt or lease agreement
  • Forklift and battery specifications
  • Planned charge type
  • Amount of shifts worked
  • I&M account number
  • Rebate Amount
    • Class 1 & 2 = $500 (electric rider or narrow aisle)
    • Class 3 = $250 (electric pallet truck)

Together with our customers, Indiana Michigan Power is redefining the future of energy and developing innovative solutions that power communities and improve lives.

Electric Forklifts Rebates

Type Lift Capacity Rebate
Class 1
Cushion or Pneumatic Tire Forklift
3,000-18,000 lbs $500
Class 2
Narrow-aisle Stand-Up Rider Forklift
4,000-5,000 lbs $500
Class 3
End-Controlled Rider Pallet Jack
3,000-8,000 lbs $250

Electric vs. Propane Forklifts

Electric LPG
Fuel per Shift 41 kWh 6 gal
Operating Shifts per Year 260 260
Cost per 8-hour Shift $4 $20
Annual Fuel Cost $1,066 $5,200
Annual CO2 Output 18 40

One Year Cost Comparison

Electric LPG Total
Initial Investment $38,400 $25,000 $13,400
Fuel Energy Expense1 $1,235 $6,600 ($5,364)
Maintenance Expense $3,230 $4,230 ($1,090)
Productivity Loss2 $0.0 $4,200 ($4,200)
Estimated Annual Benefit3 $10,654

1 300 days of operation.
2 Opportunity charge vs. 2 fuel refills/day x $28/hr.
3 Return on investment 15 months.

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