Bank of America to Offer Financing for Residential Electric Vehicle Chargers
New loan option enables consumers to finance electric vehicles and chargers together
Bank of America announced that it will offer consumers the option of financing their residential electric vehicle chargers alongside their auto loans. Based on growing client demand for streamlined solutions that make driving an electric car easier and more convenient, Bank of America now offers dealers and manufacturers the option of letting consumers finance these chargers.
Demand for the charging units, by which drivers charge their cars at home, is expected to grow in the U.S. to nearly 27.5 million by 2030, up from just 1.3 million in 2021. At-home charging stations range in price from $200 to $2,000 in the U.S.
“We aim to help people ‘go electric’ by providing financing for this critical accessory, which allows clients to charge their vehicles in their own homes and at convenient times,” said Fabien Thierry, head of Consumer Vehicle Products for Bank of America.
The Inflation Reduction Act, signed into law in August 2022, “provided a significant investment in clean energy and transportation technologies, including a broad array of EV incentives, and is expected to accelerate consumer demand,” Thierry added. Electric vehicles (EV) on U.S. roads are expected reach 26.4 million by 2030, substantially higher than the 2.4 million at the end of 2021.
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Bank of America works with over 10,000 dealers and multiple EV manufacturers nationwide. Clients interested in financing the cost of their electric vehicle chargers should check with their dealer to see if this option is available.
Bank of America’s support for electric vehicles and sustainable finance
Bank of America has set tangible sustainable finance goals and has made measurable progress towards them. In 2021, the bank set a goal to achieve net-zero greenhouse gas emissions in financing activities, operations and supply chain before 2050. As part of the company’s commitment to deploy $1.5 trillion in sustainable finance by 2030, the Bank mobilized and deployed approximately $250 billion of capital aligned with the United Nations Sustainability Development Goals (UN SDGs) in 2021.
This financing initiative is the latest in a series of actions the Bank has taken to facilitate the transition to electric cars:
- In partnership with Electrify America, BofA plans to more than double the number of financial centers equipped with electric-vehicle (EV) charging stations by the end of 2023. (May 2022)
- BofA provides eligible teammates $4,000 for a purchase or $2,000 for a lease of a qualified new all-electric passenger car or truck. (July 2022)
- Created Lucid Financial Services with Lucid Group to provide a quick and easy digital financing to Lucid Air customers. (June 2022)
- Executed an agreement with Polestar Automotive USA Inc., the electric performance car brand from Sweden, to support the establishment of Polestar Financial Services, which provides a variety of consumer finance and lease offerings for Polestar customers.
- Celebrated World EV Day (September 9th) in 2021 and 2022 through EVolution, a public “virtual convention center” showcasing vehicles from various EV manufacturers, technology advancements and exclusive interviews with key industry leaders.
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