Bank of America has launched a new program that allows electric vehicle (EV) buyers to finance their home EV chargers alongside their auto loans. The program aims to streamline the process of purchasing an EV and make it easier for buyers to switch to electric vehicles. With the demand for zero-emission electric vehicles rising rapidly, Bank of America anticipates the trend will only strengthen as we move towards a more sustainable future.
As more buyers turn to electric vehicles, the demand for at-home charging units is also expected to rise significantly over the next few years. According to Statista, demand for home charging stations is expected to increase over 2000% from just 1.3 million units in 2021 to nearly 27.5 million in 2030. With at-home EV chargers adding an extra expense in many instances, it makes sense for a major firm to offer it as a financing option.
Bank of America’s Head of Consumer Vehicle Products, Steve Thierry, said: “We aim to help people ‘go electric’ by providing financing for this critical accessory, which allows clients to charge their vehicles in their own homes and at convenient times.” Thierry also highlighted the recently passed Inflation Reduction Act, which provided significant investment in clean energy and transportation technologies, including a broad array of EV incentives, and is expected to accelerate consumer demand.
The Edison Electric Institute (EEI) forecasts that 26 million electric vehicles will be on US roads by 2030, up from just over 800,000 in 2022. With this in mind, Bank of America is committed to deploying $1.5 trillion in sustainable finance by 2030 to accelerate the transition to a sustainable economy.
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The program begins on Wednesday, and Bank of America says clients interested in financing their EV chargers should check with their dealer to see if it’s available. The company works with over 10,000 dealers and several EV manufacturers nationwide. By offering this financing option, Bank of America hopes to make it easier for people to adopt EVs and support the transition to a more sustainable future.
