Bank of America to offer financing for residential EV chargers

Bank of America will being offering consumers the option of financing their residential electric vehicle (EV) 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, the company says. At-home charging stations range in price from $200 to $2,000 in the U.S.

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,” said Fabien Thierry, head of consumer vehicle products for Bank of America. EVs on U.S. roads are expected reach 26.4 million by 2030, substantially higher than the 2.4 million at the end of 2021.

Bank of America says it works with over 10,000 dealers and multiple EV manufacturers nationwide.

Honda Motor announced plans to build a comprehensive EV value chain in Canada with an approximate investment of $15 billion CAD (approx. $11 billion USD), including investment by joint venture partners, to strengthen its EV supply system and capability to prepare for a future increase in EV demand in North America. Honda said it has begun evaluating the requirements to build a Honda EV plant and a stand-alone Honda EV battery plant in Alliston, Ontario. The proposed Honda EV value chain will also include a cathode active material and precursor (CAM/pCAM) processing plant through a joint venture partnership with POSCO Future M Co. and a separator plant through a joint venture partnership with Asahi Kasei Corporation, with announcements to follow in its respective Ontario communities.