Bank of America Corp. is offering consumers the option of financing at-home electric-vehicle chargers as part of their auto loans, anticipating demand for the products will increase as buyers turn away from gas-powered cars.
The offer begins Wednesday. Fabien Thierry, head of consumer vehicle products, said the bank believes it is among the first firms to provide such a service for consumers.
“Bank of America has been supporting the electrification, and we’ve been saying that we want to be one of the EV financing leaders,” he said.
Charging stations can cost $200 to $2,000, the Charlotte, N.C.-based bank said in a statement. The average price of an EV in the U.S. exceeds $65,000, according to Kelley Blue Book. Global cumulative investment in charging hardware and installation is on a pace to pass $100 billion in 2023, BloombergNEF data show.
Bank of America has rolled out other initiatives to encourage consumers to move away from traditional gas-consuming vehicles, including equipping more branches with charging stations and giving employees $4,000 for buying a new all-electric car. Thierry said more EV-focused initiatives are planned this year.
