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.
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.
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