Bank of America Adds EV Charger Financing

Bank of America recently announced that it would offer financing for electric-vehicle charges along with vehicle loans for its customers. It plans to offer the financing add-on through carmakers and dealers as charger prices in the US range between $200 to $2,000. Bank of America currently works with more than 10,000 EV makers and auto dealers.

The bank cited the growing US demand for home chargers and consumer demands for options that make owning an electric-vehicle simpler as its main reasons for adding the offering. Statista-McKinsey showed that demand for home chargers will increase to nearly 27.5 million by 2030.