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

Hexagon Agility expands CNG fuel system manufacturing plant

The company says a green future for trucking is close, and what’s coming next could put fears over a lack of CNG power to bed.

Hexagon-combo

Setting foot into the Hexagon Agility facility in Salisbury, NC, you’re met with several truck components that send the same message: A back-of-cab CNG holding system (dubbed the ProCab) and a bench made from a decommissioned CNG cylinder. As you move farther in, artful photographs of children blowing on dandelions adorn meeting room walls, symbolizing a wish to watch future families grow up in a clean and healthy world. It’s a theme that’s growing across trucking industry narratives, but many decarbonization roads could lead there. Touring the Hexagon Agility plant and talking with executives reveals one road that could mean a clean energy future is attainable for Class 8 trucks, and sooner than you might think.

DTNA introduces BEV dealer certification program

DTNA said the program covers over 75 specific criteria in four key areas including safety, charging infrastructure, dealership infrastructure and training.

DTNA-BEV-certification-program
Nikola Corporation names new CFO

Thomas Okray joins the company’s executive team as chief financial officer.

Nikola-executive-appointment
InductEV forms strategic partnerships for wireless charging deployment

InductEV said each company will provide mechanical and electrical engineering services to help with the deployment of its wireless charging system.

BorgWarner-Santroll-eMotor-Handshake
Canoo receives incentives from Oklahoma for hiring milestone

Oklahoma is now home to over 20% of Canoo’s total workforce.

Canoo-OKC-Factory-1400

Other Posts

Gage Zero to develop an EV fleet charging hub in Texas

The company will develop, own and operate the AllianceTexas EV charging hub as part of its network of sites planned throughout the U.S.

Gage_Zero-hub-rendering
BP Pulse opens Gigahub in Houston

BP said its new BP Pulse station is the first BP Pulse-branded Gigahub in the US and opened to the public on April 2.

bp-pulse-Houston
Phoenix Motor, InductEV partner on wireless charging solution for commercial vehicles

This partnership will provide Phoenix’s customers with the option to select wireless inductive charging for use in duty cycles and recurring routes.

Phoenix-at-PortofLA
FLO survey: most drivers rely on fast chargers for long trips

Conducted last year, FLO said the survey supports the buildout of its own-and-operate network of fast chargers.

FLO_Survey