December 8, 2023

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BofA to Supply Funding for Residential Electric powered Motor vehicle Chargers

CHARLOTTE, NC – Financial institution of America announced currently that it will offer you shoppers the selection of financing their residential electrical vehicle chargers together with their automobile loans. Centered on expanding client need for streamlined methods that make driving an electric powered car simpler and more easy, Bank of America now gives sellers and makers the selection of permitting consumers finance these chargers.

Desire for the charging units, by which drivers demand their cars at dwelling, is anticipated to develop in the U.S. to practically 27.5 million by 2030, up from just 1.3 million in 2021.1 At-dwelling charging stations vary in price tag from $200 to $2,000 in the U.S.

“We purpose to enable individuals ‘go electric’ by offering financing for this crucial accessory, which allows consumers to demand their cars in their very own households and at hassle-free occasions,” explained Fabien Thierry, head of Shopper Vehicle Items for Bank of The usa.

The Inflation Reduction Act, signed into legislation in August 2022, “provided a considerable expenditure in cleanse power and transportation systems, which include a wide array of EV incentives, and is expected to accelerate buyer need,” Thierry additional. Electrical vehicles (EV) on U.S. streets are anticipated achieve 26.4 million by 2030, considerably larger than the 2.4 million at the finish of 2021.2

Lender of The united states will work with around 10,000 dealers and numerous EV makers nationwide. Clientele intrigued in financing the price of their electric powered auto chargers must examine with their seller to see if this selection is obtainable.

Lender of America has established tangible sustainable finance plans and has created measurable progress in the direction of them. In 2021, the lender set a goal to realize net-zero greenhouse gasoline emissions in funding activities, operations and offer chain before 2050. As part of the company’s determination to deploy $1.5 trillion in sustainable finance by 2030, the Lender mobilized and deployed about $250 billion of money aligned with the United Nations Sustainability Development Objectives (UN SDGs) in 2021.

This financing initiative is the latest in a series of steps the Lender has taken to aid the transition to electric powered vehicles:

  • In partnership with Electrify The united states, BofA plans to additional than double the amount of financial centers equipped with electrical-automobile (EV) charging stations by the conclude of 2023. (Might 2022)
  • BofA offers eligible teammates $4,000 for a buy or $2,000 for a lease of a certified new all-electric passenger car or truck. (July 2022)
  • Created Lucid Economic Services with Lucid Group to offer a swift and easy electronic funding to Lucid Air consumers. (June 2022)
  • Executed an arrangement with Polestar Automotive Usa Inc., the electric overall performance auto brand from Sweden, to guidance the establishment of Polestar Fiscal Providers, which provides a range of client finance and lease choices for Polestar prospects.
  • Celebrated Earth EV Day (September 9th) in 2021 and 2022 by EVolution, a public “virtual convention center” showcasing autos from different EV manufacturers, technology enhancements and distinctive interviews with essential marketplace leaders. 

Lender of The united states is a single of the world’s foremost monetary institutions, serving unique consumers, modest and middle-sector organizations and substantial organizations with a total range of banking, investing, asset management and other fiscal and risk administration items and services. The enterprise delivers unmatched comfort in the United States, serving about 67 million buyer and smaller organization clients with approximately 3,900 retail financial facilities, roughly 16,000 ATM and award-successful electronic banking with somewhere around 56 million confirmed electronic customers. Bank of America is a international leader in wealth administration, corporate and investment decision banking and investing throughout a broad variety of asset classes, serving organizations, governments, establishments and folks about the earth. Bank of America delivers sector-leading help to about 3 million little company households as a result of a suite of revolutionary, effortless-to-use on the internet goods and companies. The enterprise serves shoppers as a result of functions across the United States, its territories and roughly 35 international locations. Financial institution of The usa Corporation inventory (NYSE: BAC) is detailed on the New York Stock Exchange.

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Susan Atran, Lender of The usa
Cell phone: 1.646.599.3300
[email protected]



1 Statista – McKinsey April 2022

2 Edison Electric powered Institute’s Electric powered Motor vehicles Income and the Charging Infrastructure Essential By 2030 (PDF) – June 2022