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US Department of Energy expands loan program to include EV charging stations

If you want to encourage EV adoption, ensuring a fully fleshed-out charging infrastructure is a good way to do that.

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More chargers would certainly go a long way to reducing the public's range anxieties.

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When you go to the bank and ask for a loan, the bank usually wants some degree of guarantee that the money is going to good use and will eventually be repaid. This makes it a little tougher for those seeking to expand fledgling technologies. The government has loan programs for this exact reason, and it's expanding one such program to include companies looking to build electric vehicle chargers.

The US Department of Energy (DOE) has expanded its federal loan guarantee program to extend to companies wishing to build more EV chargers. The whole idea is to keep pushing for a thicker electric-vehicle infrastructure, which should help ease buyers' anxieties and potentially boost EV adoption rates, Reuters reports. As the government considers charging stations to be part of transmission or distribution networks, they're eligible for a specific kind of government loan.

Reuters also points out that the government is partnering with some 50 companies, including automakers, utilities and EV-charger manufacturers, to help flesh out our country's charging infrastructure. Tesla, Ford, GM, BMW and others have signed on to the project. The government also hopes that local governments will more readily purchase fleets of EVs.

While US sales of electric vehicles haven't met the government's lofty expectations, it's hoping that additional infrastructure and incentives will bring us closer to those targets.