Bank of America to offer financing for residential EV chargers

Bank of America to offer financing for residential EV chargers

Demand for the charging units is expected to grow in the U.S. to nearly 27.5 million by 2030, up from 1.3 million in 2021.

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.

You May Also Like

asTech expands remote OEM solutions to include Tesla

asTech’s diagnostic devices now offer over 99% coverage for authentic remote OEM scans on Tesla vehicles.

Tesla-Model-Y-1400

asTech, a Repairify company involved in remote diagnostics, calibrations, programming and automotive intelligence for the collision and mechanical repair industries, announced an expansion of its remote OEM solutions to now include remote OEM scanning support for Tesla vehicles.

asTech said its diagnostic devices are now able to complete authentic remote OEM scans for virtually every Tesla vehicle (over 99% coverage). The company said this update continues to demonstrate the power and adaptability of asTech’s technology, as well as its dedication to ensuring customers are ready for the future of collision repair.

Cummins hydrogen-ICE engines to power concrete mixer trucks

The project aims to develop a full hydrogen eco-system together with a hydrogen producer, vehicle manufacturer and end user.

Cummins-Terex-Advance-Commander-FD5000-front-discharge-mixer-truck
Swedish researchers develop efficient metal recycling method

Chalmers University researchers used oxalic acid to recover 100% aluminum and 98% lithium from electric car batteries.

Chalmers Tech research
Ascend Elements, Koura partner on Li-Ion recycling project

The companies will collaborate on commercializing Hydro-to-Anode technology, providing a sustainable source of graphite.

Ascend_Elements_team_member-1400
CharIN, ACM collaborate on electric vehicle charging standards

The companies aim to tackle interoperability challenges and improve consumer charging experiences.

BorgWarner-Santroll-eMotor-Handshake

Other Posts

Toyota, SSDG&E to Research Using EVs for Grid Power Storage

Toyota and SDG&E partner on research enabling EV battery charging and discharging electricity back to the grid.

SDGE-Toyota
eV Power Exchange to expand Utah’s DC fast-charging network

Utah’s EV support from property owners and government agencies fosters eV Power’s strong presence there, it said.

eV_Power_Exchange__USA__Corp__eV_Power_Exchange__Building_North-1400
Lucid turns to NACS/Tesla Supercharger access starting in ’25

Lucid announced its vehicles can charge at Tesla Superchargers by 2025 using an adapter.

Volvo Cars launches new business for energy/charging solutions

The move builds on an existing V2G pilot program using bi-directional charging to balance the grid during peak hours.

Volvo_Cars