BofA Adds EV Charger Financing

Bank of America is now offering financing for home electric-vehicle chargers along with customers’ vehicle loans.

The second-largest U.S. bank said it added the offering due to customer demand for options that make owning an EV easier. It cited Statista-McKinsey data that show U.S. demand for home chargers will increase to almost 27.5 million by 2030.

The North Carolina-based lender is offering the financing add-on through dealers and carmakers. It says charger prices in the U.S. range from $200 to $2,000.

Bank of America works with more than 10,000 auto dealers and various EV makers.

EV demand here could increase in the U.S. with the recent availability of up to $7,500 federal tax credits for models that meet certain sourcing parameters.

LEARN MORE: First-Time EV Buyers Increasing, Study Finds

Originally posted on Auto Dealer Today