You Can Now Get a Bank Loan to Finance Your Home EV Charger
Charging stations can run more than $1,300.
Bank of America is the first national bank to offer financing for EV charging stations.
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.
Read on: Installing an EV Charger at My Home Was Easy
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.