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Bank of America has expanded its auto loan product to include financing for units that consumers can use to charge electric vehicles at home.
The bank said in a statement this week that it now gives dealers and manufacturers the option of letting consumers finance residential chargers. Bank of America said it added the option based on a growing demand from customers for solutions to make driving an electric car easier and more convenient.
Bank of America’s auto loan product is available through more than 10,000 dealers and multiple electric vehicle manufacturers.
Costs for at-home charging stations range from $200 to $2,000 in the U.S. Citing research from Statista and McKinsey, Bank of America said U.S. demand for residential charging units is expected to grow to nearly 27.5 million by 2030, up from 1.3 million in 2021.
Research from the Edison Electric Institute forecasts that the U.S. will have 26.4 million electric vehicles on the road by 2030 compared to 2.4 million at the end of 2021.
“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,” Fabien Thierry, head of consumer vehicle products for Bank of America, said in the statement.
Thierry added that the Inflation Reduction Act, which was signed into law in August 2022, “provided a significant investment in clean energy and transportation technologies, including a broad array of EV incentives, and is expected to accelerate consumer demand.”
Under last summer’s federal Inflation Reduction Act, pickup trucks, SUVs and vans with a sticker price up to $80,000 qualify for up to $7,500 in EV tax credits, while new electric cars, sedans and wagons can only be priced up to $55,000. Massachusetts also recently boosted its own EV incentive program, the MOR-EV rebate, to give buyers of eligible battery-electric or fuel cell vehicles costing $50,000 or less up to $3,500 back if the vehicle is registered in Massachusetts for at least 36 months.
