Bank of America Launches Financing for Home EV Chargers with Strong Anticipated Demand Following Inflation Reduction Act
Bank of America announced today the introduction of a new loan option enabling consumers to finance residential electric vehicle chargers alongside their auto loans for EVs.
According to BofA head of Consumer Vehicle Products Fabien Thierry, the bank is launching the new offering ahead of a sharp increase in demand for EVs, driven by factors including the recently-passed Inflation Reduction Act (IRA). Thierry said that the IRA “provided a significant investment in clean energy and transportation technologies, including a broad array of EV incentives, and is expected to accelerate consumer demand.”
Demand for home EV chargers is expected to surge over the next few years, according to industry research statistics cited by BofA, reaching nearly 27.5 million units by 2030, compared to only 1.3 million in 2021, alongside a similar growth pattern for electric vehicles on U.S. roads.
“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.”
The new loan offering comes as Bank of America has been actively growing its sustainable finance activity over the past few years. The bank set a goal in 2021 to achieve $1.5 trillion in sustainable finance mobilization and deployment by 2030, including a target of $1 trillion in its Environmental Business Initiative aimed at accelerating the transition to a low-carbon, sustainable economy. Speaking last month at the WEF Forum in Davos, Bank of America Chairman and CEO Brian Moynihan indicated that sustainable finance demand continued to grow in 2022, despite market and geopolitical headwinds facing businesses.