Bank of America has announced that consumers can finance their residential electric vehicle chargers alongside their auto loans. In addition, Bank of America now offers dealers and manufacturers the option of allowing consumers to finance these chargers in response to growing client demand for streamlined solutions that make driving an electric car more accessible and more convenient.
Demand for charging units, which allow drivers to charge their cars at home, is expected to nearly double in the United States by 2030, from 1.3 million in 2021. In the United States, at-home charging stations range in price from $200 to $2,000.
The Inflation Reduction Act, which will be 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,” according to Thierry. As a result, electric vehicles (EV) on US roads are expected to reach 26.4 million by 2030, up from 2.4 million at the end of 2021.
Bank of America works with over 10,000 dealers and several EV manufacturers across the country. Clients who want to finance the cost of their electric vehicle chargers should check with their dealers to see if this is an option.
Bank of America established measurable, sustainable finance goals and has made progress. The Bank set a goal in 2021 of achieving net-zero greenhouse gas emissions in its financing activities, operations, and supply chain by 2050. In 2021, the Bank mobilised and deployed approximately $250 billion of capital aligned with the United Nations Sustainable Development Goals (UN SDGs) as part of the company’s commitment to deploy $1.5 trillion in sustainable finance by 2030.