Bank of America introduces new EV financing bundle with auto loans and charging

Bank of America revealed Wednesday a new bundle program allowing EV buyers to finance their electric vehicle chargers alongside their auto loans.

Bank of America enables EV ownership with new bundle

With demand for zero-emission electric vehicles climbing rapidly, Bank of America is anticipating the trend will only strengthen as we move toward a sustainable future.

To support the movement, Bank of America looks to streamline the process by offering dealers and manufacturers the option of letting EV buyers finance charging equipment with their auto loans.

As buyers turn in their gas vehicles for EVs, demand for at-home charging units is also expected to rise significantly over the next few years. Demand for home charging stations is expected to increase over 2000% from just 1.3 million units in 2021 to nearly 27.5 million in 2030, according to Statista.

With at-home EV chargers adding an extra expense in many instances, it makes sense for a major firm to offer it as a financing option. Head of consumer vehicle products at Bank of America said:

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.

Thierry added the recently passed 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.”

The Edison Electric Institute (EEI) forecasts 26 million electric vehicles will be on US roads by 2030, up from just over 800,000 in 2022.

Bank of America begins the offer Wednesday and says clients interested in financing their EV chargers should check with their dealer to see if it’s available. The company works with over 10,000 dealers and several EV manufacturers nationwide.

The banking giant is committed to deploying $1.5 trillion in sustainable finance by 2030 to accelerate the transition to a sustainable economy.

Electrek’s Take

Even with the rising number of publicly available EV chargers, people would still rather charge at the convenience of their homes if that’s a possibility.

Seeing the auto industry’s transformation, Bank of America is now the first major bank (according to them) to offer consumers the option to bundle their EV chargers along with their auto loans. This is likely the start of a new trend. Not only does it enable EV ownership, it could also attract a new market of buyers looking for zero-emission electric financing options.