The Bank of America has announced that it will now be offering customers the option of financing their residential electric vehicle chargers alongside their auto loans.
Bank of America now offers dealers and manufacturers the option of letting consumers finance these chargers.
Demand for chargers is expected to grow in the U.S to nearly 27.5 million by 2030, up from just 1.3 million in 2021. Home charging stations range in price from $200 to $2000 in the US.
“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,” said Fabien Thierry, head of Consumer Vehicle Products for Bank of America.
The Bank of America works with over 10,000 dealers and multiple EV manufacturers nationwide. Back in 2021 the bank set a goal to achieve net-zero greenhouse gas emissions in financing activities, operations and supply chain before 2050.
As part of the company’s commitment to deploy $1.5 trillion in sustainable finance by 2030, the Bank mobilised and deployed approximately $250 billion of capital aligned with the United Nations Sustainability Development Goals (UN SDGs) in 2021.
Press release: PR newswire