When you can finance it with your car, why pay $2,000 up front?
Customers of Bank of America (BOA) will now be able to finance residential electric vehicle chargers as part of their vehicle loans. The decision made by BOA is based on simplifying solutions that make owning an electric vehicle easier. A home charger is the only thing that makes it easier to make a living driving an electric vehicle.
The BOA predicts that there will be a demand for 27.5 million home chargers by 2030, up from 1.3 million in 2021. It's important to remember that owners of range-extending plug-in hybrids and battery electric vehicles value having a home charging station.
Bank of America's head of consumer vehicle products, Fabien Thierry, stated, "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 at convenient times."
Lucid: An at-home charging station currently costs between $200 and $2,000 at this time. A $415 at-home charging solution for all brands was recently introduced by Tesla. The Air is charged twice as quickly by Lucid's at-home charger, but it costs $1,200.
It's possible to argue that at the current average price of $65k, anyone who can afford an electric vehicle has enough money to buy a home charger right away. However, that's not the point. The procedure is simplified by combining everything into a single loan.
OEM at-home solutions or agreements with third-party suppliers are already in place for most EV manufacturers. You will only need to direct the installers to where to set up once everything has been paid for.
Thierry stated, "It is anticipated to accelerate consumer demand" because "[the Inflation Reduction Act] provided a significant investment in clean energy and transportation technologies, including a broad array of EV incentives."
Manufacturers are putting in a lot of effort to lower the average price of an EV, in addition to the aforementioned incentives. The Equinox from Chevrolet will cost $30,000 without any incentives, and Tesla is said to be working on a cheaper entry-level model. The average buyer of a Chevrolet Bolt won't likely have the $700 necessary to pay for a Level 2 charger out of their own pocket, whereas the owner of a Lucid Air probably can afford to swipe their credit card for one.
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