Bank of America has revealed a new loan bundle program, as reported by Electrek. The bundle includes financing electric vehicle chargers along with auto loans.
The move is due to the growing demand for electric vehicles; thus, with the bundle, the US will be able to move quickly toward a more sustainable future. The Bank of America will streamline the process by offering dealers and manufacturers an option to let EV buyers finance charging equipment with their auto loans.
Need for At-Home EV Chargers
With the growing number of people turning to EVs today, there is an increase in the demand for at-home charging units. At-home EV chargers may be an additional expense, which is why it makes a lot of sense that it is being offered as a financing option. This will further support individuals who want to go electric.
Additionally, the recently passed Inflation Reduction Act has given the significant investment in clean energy and transportation technologies that brought in a range of EV incentives. It will also further boost consumer demand.
Bank of America's offer will start this week, and clients interested in financing their EV chargers need to check with their dealer to see if it's available. Currently, the bank works with 10,000 dealers and several EV manufacturers in the US.
In addition, the bank is committed to deploying $1.5 trillion in sustainable finance y 2030 to boost the transition to a sustainable economy.
In a press release, Fabien Thierry, head of Consumer Vehicle Products for 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."
Continuous Support for EVs, Sustainable Finance
The bank giant has already set tangible, sustainable finance goals and has made significant progress. In 2021, they set a goal to achieve net-zero greenhouse gas emissions in financing activities, operations, and supply chains by 2050.
Moreover, as part of their commitment to deploy $1.5 trillion in sustainable finance by 2030, they have also mobilized and deployed around $250 billion of capital aligned with the United Nations Sustainability Development Goals (UN SDGs) in 2021.
Also read: US EV Sales See a Record-Breaking Profit Last Quarter, But Will It Continue to Grow?
Roadblocks in US' EV Industry
The US is facing major roadblocks in the EV industry, such as the looming shortage of battery raw materials, turmoil in global supply chains, lack of vehicle charging infrastructure, and an overloaded electrical grid. Despite these challenges, many companies and firms, such as Bank of America, continuously support the widespread adoption of renewable energy. With this, these roadblocks may be overcome soon with proper planning and the right strategies in place.
Related article: Bank Of America iOS And Android App Now Lets Users Sign In With Their Fingerprint
