California launched a $2 million financing program on Tuesday that provides incentives to small business owners and landlords that install electric vehicle charging stations for their employees, clients and tenants.
The program announced by State Treasurer John Chiang and California Energy Commissioner Janea A. Scott incentivizes lenders to finance the installation of electrical vehicle charging stations by qualified California businesses by offering coverage against losses resulting from a loan default. The new program also provides the businesses with a rebate of up to 15 percent of the total costs for installing charging stations.
“The Energy Commission is pleased to be working in partnership with the California Pollution Control Financing Authority to develop this innovative model for funding electric charging infrastructure,” said Scott, lead commissioner for transportation. “It is our hope that this exciting new program will expand the infrastructure to support plug-in electric vehicles by encouraging small businesses and others to install chargers.”
The California Pollution Control Financing Authority (CPCFA) — chaired by Chiang — developed the new Electric Vehicle Charging Station (EVCS) Financing Program to help achieve the state’s zero-emission vehicle goals. The program is part of CPCFA’s California Capital Access Program (CalCAP), which encourages banks and other financial institutions to make loans to small businesses that have difficulty obtaining financing.
The partnership between the Energy Commission and CPCFA is a response to a gubernatorial executive order that tasked state agencies with collaboratively developing innovative and sustainable financing programs to build the electric vehicle infrastructure necessary to support 1.5 million zero-emission vehicles on California’s roadways by 2025.
This staff report was originally published by Techwire.