Financial institution of America Corp. is providing shoppers the choice of financing at-home electric-vehicle chargers as a part of their auto loans, anticipating demand for the merchandise will improve as consumers flip away from gas-powered automobiles.

The supply begins Wednesday. Fabien Thierry, head of client car merchandise, stated the financial institution believes it’s among the many first corporations to supply such a service for shoppers.

“Financial institution of America has been supporting the electrification, and we’ve been saying that we need to be one of many EV financing leaders,” he stated.

Charging stations can price $200 to $2,000, the Charlotte, N.C.-based financial institution stated in a press release. The typical value of an EV within the U.S. exceeds $65,000, in keeping with Kelley Blue Ebook. World cumulative funding in charging {hardware} and set up is on a tempo to cross $100 billion in 2023, BloombergNEF information present.

Financial institution of America has rolled out different initiatives to encourage shoppers to maneuver away from conventional gas-consuming automobiles, together with equipping extra branches with charging stations and giving workers $4,000 for purchasing a brand new all-electric automobile. Thierry stated extra EV-focused initiatives are deliberate this 12 months.