Posted on 02/28/2023 11:41:44 AM PST by Red Badger
Bank of America is letting customers set up financing home electric vehicle charging stations alongside their car loans. While some states and smaller institutions offer EV charger financing, Bank of America is the first national bank to do so.
The goal is to "help people 'go electric' by providing financing for this critical accessory," Fabien Thierry, BofA's head of consumer vehicle products, said in a statement Wednesday.
According to JD Power, at-home charging stations can range from $300 to more than $1,300, plus installation. Bank of America will let customers bundle their EV and charger loans together, though ultimately the particulars are the responsibility of participating auto dealers and charging-station manufacturers.
Financing is not available for a charger by itself or for installation.
The second largest financial institution in the US, Bank of America already provides its employees with up to $4,000 toward the purchase of an electric car or truck.
It's also partnered with Electrify America to double the number of charging stations at banking centers by the end of this year.
The number of electric vehicles on the road in the US has increased 250% over the past five years and is on track to reach 26.4 million by 2030. By that point, demand for residential charging units is expected to reach nearly 27.5 million, according to Bank of America.
While there are more than 63,000 charging stations in the US and Canada, according to the Alternative Fuels Data Center, only about 4,000 are private.
Passed in August, the Inflation Reduction Act earmarked $7.5 billion for a nationwide network of public EV chargers, mostly along high-traffic highways and in highly populated residential areas.
First published on Feb. 9, 2023 at 12:00 p.m. PT.
Depends on your ESG score
J.D. Power:
The price for a home charger installation could vary from $0 to $50 000, depending on where you live, what you drive, how fast you want your vehicle to be recharged, and what other changes to your place’s electric circuit require. On average, to get a reasonable price/quality ratio, be ready to spend anywhere from $1200 to $2500.
Does that come with a halon extinguishing system?
You will want a long cord between your home and where the car is parked (outside of course).
If you can’t afford a $1,300 charger install, why are you buying a new car?
Average new car price in the U.S. as of Jan 2023 is $49,200. If someone can afford a new EV, I think a home charger would be no problem.
If someone is going to buy an EV, which means making larger car payments, the charger purchase and installation cost is a nothing burger. Next they'll complain that the cost of buying an EV means they can't pay their student loans.
Next they'll complain that the cost of buying an EV means minorities are being marginalized and we must level the playing field by subsidizing their purchase by POC's.................
If you gotta borrow 1300 bucks maybe you shouldn’t be going for an EV.
How much to buy my own gas pump (plus dirty squeezing) and underground gas tank?
Wonder how many times something needs replaced. Most everything does.
Replacement are getting too high if one can even find it.
I hate Otto Korrekt. That should be dirty squeegee.
But it shows I’m a climate change believer and I’m doing my part. BARF!
If you have to take out a loan for an EV charger, you shouldn’t have an EV vehicle. Idiots.
Like buying a new house in the hot subdivision but not having enough cash to afford drapes
Can I get a bank loan to finance the therapy I need from being forced to live on the same planet as all these delusional nincompoops?
But the friggin dummies don't realize that the transmission lines don't have the capacity for everyone switching to EV. We are talking billions of dollars to upgrade the grid.
No need to as gas pumps are plentiful, and gas should be cheap if it weren’t for government interference in the industry.
Lol. Can you imagine charging stations in the hood? I’m think Philadelphia for example. What a disaster that’s going to end up being.
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