It started with a putter and his friends could always hear him coming. Jeff Pizzano’s 1967 Volkswagen Beetle in factory green got him where he needed to go. It was his first car, and it was the start of Jeff’s love of fun rides. Long since removed from the VW Beetle days and several cars down the road, in late 2021, Jeff, Duke Realty’s manager of IT solutions in Indianapolis, was in search of his next new car. All it took was a test drive and he knew he wanted a Tesla Model 3, the all-electric sedan and Edmunds Top Rated EV, a title it’s now held for three years in a row.
“I loved the way it handled — sporty and nimble,” said Pizzano. “Most of all, it was a fun drive and now I don’t have to worry about skyrocketing gas prices.”
In January 2022, Jeff settled on the Tesla Model 3 Long Range All-Wheel Drive. It has an estimated 365-mile range and requires little maintenance compared to a conventional combustion engine vehicle. Also, there are many free or low-cost charging stations in Indianapolis including charging stations within the Duke Realty Indianapolis headquarters parking garage.
“I highly recommend it as a local commuter option. I drive 50 miles a day, and only need to charge Monday and Thursday at the Duke Realty corporate office,” added Pizzano.
Then in February, soon after Jeff bought his Tesla, he learned of a Duke Realty associate benefit that would allow him to receive a forgivable loan in an amount up to $5,000 to use towards the purchase of an electric vehicle — the Employer Assisted Electric Vehicle Program. This benefit aligns with the company’s environmental and sustainability goals and initiatives. Since the benefit’s effective date was January 1, 2022, Jeff qualified.
“The application process for the loan was very easy. I only had to provide proof of my purchase and then simply waited two weeks to receive the check,” said Pizzano.
Now, each year as long as Jeff remains employed by Duke Realty, the company will forgive $1,250 or 25%, whichever is less, of the outstanding balance. After four years, the entire loan will be forgiven, and no balance will be due. The amount forgiven each year is added to Jeff’s taxable income and based on his normal tax rates, applicable taxes will be due on the amount forgiven and will be deducted from his pay once a year until forgiven.
Meantime, Jeff is enjoying his near silent new ride. He’s already taken a couple of long road trips to Raleigh, North Carolina. The trip required four charging stops each for about 30 minutes.
Jeff has fond memories of the Green Bug, but nothing beats the smooth, comfortable ride of his Model 3.
Jeff isn’t the only Duke Realty associate taking advantage of this new company benefit. Each of these Duke Realty associates has recently purchased an electric vehicle, and each received the company benefit.