It’s one of the hottest trends in green tech: offering creative financing to get around the problem of high upfront equipment costs. EV charging giant ChargePoint is the latest to take advantage of this idea, partnering with Key Equipment Finance to launch a $100 million lease-to-own program for EV charging stations.
The new offer will let small and medium sized companies and municipalities install EV chargers with no upfront cost.
“Through this program, companies and municipalities can now offer their workforce EV charging for no more than the price of a couple of cups of coffee per day,” said Pasquale Romano, CEO of ChargePoint. “By providing EV charging to workers, employers are essentially giving their employees a raise of up to 5% as a result of reduced fuel costs. In addition, companies increase productivity, allow their employees HOV lane access, and support important sustainability and environmental policies.”
“This program makes it much easier for municipalities and businesses with budget or cash-flow constraints to cover both the hard and soft costs associated with EV chargers,” said Tim Duerr, senior VP of business development at Key Equipment Finance.
ChargePoint’s purchasing program is inspired by the success that SolarCity and other companies have been having in the renewable energy field.
“The solar industry really got going when they could put solar panels on your roof and pay for it with the savings,” said ChargePoint founder and Chief Technology Officer Richard Lowenthal. “We’re doing the same thing now for charging.”
“ChargePoint has found a way to overcome one of the biggest obstacles to mass EV adoption,” said California Lieutenant Governor Gavin Newsom, who as mayor of San Francisco led a major EV infrastructure initiative in the city. “This purchase program is a golden opportunity for all businesses as well as state and local governments who want to attract and retain the best employees.”