Why pay $2,000 upfront when you can finance it with the car?
Bank of America (BOA) has announced that it will offer customers the option of including financing residential electric vehicle chargers in their vehicle loans. BOA's decision is based on streamlining solutions that make owning an EV easier, and nothing makes a living with an electric vehicle more convenient than a home charger.
According to BOA, the demand for home chargers is expected to increase from 1.3 million units in 2021 to 27.5 million units by 2030. It's worth keeping in mind that a home charging station is a valuable commodity for owners of battery electric vehicles and plug-in hybrids with a decent range.
"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.
As it currently stands, the price of an at-home charging station costs between $200 to $2,000. Tesla recently launched an at-home charging solution for all brands, and it retails for $415. Lucid's at-home charger for the Air is twice as fast but costs $1,200.
One could argue that anyone with the bucks to pay for an EV at the current average price (roughly $65k) has enough cash to buy a home charger upfront, but that's not the point. Combining everything into one loan makes the process less complex.
Most EV manufacturers already have OEM at-home solutions or agreements with third-party suppliers. With everything paid for, you'll simply need to tell the installers where to rock up, and the job's done.
"[The Inflation Reduction Act] provided a significant investment in clean energy and transportation technologies, including a broad array of EV incentives, and is expected to accelerate consumer demand," said Thierry.
In addition to the incentives mentioned above, manufacturers are working hard to reduce the average EV cost. Chevrolet's Equinox will retail for $30,000 (before any incentives), while Tesla is reportedly working on an even cheaper entry-level model. While the owner of a Lucid Air can likely afford to swipe their credit card for a home charger, the average Chevrolet Bolt buyer will likely not have $700 to pay for a Level 2 charger out of pocket.
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