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.
