Lectrium Logo

EV Knowledge Hub

Electric VehiclesBlogVideo GuidesEV Range CalculatorEV Savings Calculator

Can I bundle my EV charger + home installation into my car loan?

Making the switch to an EV comes with a number of financial, lifestyle, and convenience questions to keep in mind. One key consideration for millions of Americans will be how to keep the upfront cost of switching to an EV low, while not sacrificing convenience and the necessities like home charging.

Woman charging an EV with at-home charger in the background

What is the cost of purchasing a smart charger & getting it installed at home?

Purchasing a smart level 2 charger and getting it installed at home can be a $1,000 - $4,000 investment, or possibly more, but it increases the EV charging satisfaction levels by a great deal. Many homeowners would prefer to spread this payment out over time, just like a car loan, instead of paying for everything up front.

These days, the cost of a smart Level 2 charger ranges from $500 - $800 in most cases. The remainder of the cost is made up from getting the charger installed from a certified electrician. Installation prices vary per home, but generally the further the panel is from the charger location, the more expensive the installation will cost.

Bank of America enables bundle of EV charger into the auto loan.

This is a positive step in the right direction to enable the switch to EVs for the masses, but we still have some questions. Namely, will Bank of America also enable bundling the installation into these loans? Oftentimes the majority of the cost for getting a Level 2 charger at home comes not from the hardware, but from the installation itself. Bank of America works with over 10,000 dealers, so this is sure to have a significant impact across the USA.

Fabien Thierry 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.”

Satisfaction levels for Level 2 home charging far outpace Level 1

According to J.D. Power’s study, EV owners are most satisfied with Level 2 charging by a significant margin. There is a 188-point gap in overall home charging satisfaction between EV owners who use a Level 1 charger (564) and those using a next-level Level 2 charger (752).

Ready to find your Level 2 charger? Check out our selection of chargers for your home and take our survey to schedule your installation.

Subscribe for more EV news

Get our free, 5 min weekly newsletter. Read by 600+ people curious about Electric Vehicles
Inside of an electric panel
How many amps does my panel need for an EV charger?

An electrical panel, also known as a breaker box or distribution board, is a metal box that contains circuit breakers, which distribute electricity to different areas of a house. The panel is usually located in a utility room, garage or basement, and connected to the main power supply of the home.

Woman plugging in a Level 2 EV charger into a white electric car
What is the cost of installing an electric car charger at home?

If you're thinking about buying an electric car, you will need to consider how to charge it. 84% of electric car owners prefer the convenience of charging at home. But what is the cost of installing an electric car charger at home? Keep reading to understand the main factors that impact the cost.


BlogChargersEV Range CalculatorEV Savings CalculatorElectric VehiclesFor InstallersFor DealershipsPartnersGet $100 Off

Contact us

(216) 973-2963
Lectrium, Inc.
3175 Hanover Street
Palo Alto, CA 94304 United States
© 2022 Lectrium. All Rights Reservered.




© 2022 Lectrium. All Rights Reservered.