Here's how it works: A business applies for a loan, say $10,000, through a participating lender to install an electric vehicle charging station. The EVCS Program contributes $2,000 to a lender's loan loss reserve to cover any loan defaults. After the lender repays the loan, or after 48 months with no more than one late payment, the borrower is eligible for a rebate of half of the loan loss contribution, in this case a rebate of $1,000.
The rebate can be even larger if the borrower installs an electric vehicle charging station in a multi-unit dwelling, such as an apartment complex, or in a disadvantaged community, either economically distressed or challenged by air pollution. On a $10,000 loan, a borrower can get a $1,500 rebate after repaying the loan or after 48 months of timely payments.
Know someone who may be interested? Find out more about the program here.
