EV ownership becomes more accessible to buyers

Electric vehicles (EVs) have become an increasingly popular choice for car buyers in recent years. They offer a more sustainable alternative to traditional gas-powered vehicles, as well as providing drivers with a smooth and quiet ride.

An additional area to consider when purchasing an EV is a charging station. When you purchase an EV, some car companies provide you with a Level 1 charger to use at home with 120v standard outlets.

However, a Level 2 charger will provide more convenience by charging your car much faster. These provide around 60 miles of driving range per hour of charge compared to Level 1’s five miles of driving range per hour of charge.

Costs of installing a home charging station

Because Level 2 chargers use 240-volt power, you will likely need to contact an electrician to install the plug needed for the charger. The installation costs start at around $500 up to $1,000. The plug itself ranges between $500 and $700.

You can expect your total home charging costs to be at least $1,000 and as much as $1,700.

Financing toward home charging stations

As the demand for EVs continues to rise, Consumers is excited to take steps that support members in making the switch to these innovative vehicles. A new lending program allows Consumers’ dealer partners to add up to $2,500 financing to an EV or Hybrid purchase for the purpose of a charging station and installation.

This program is a significant step toward more sustainable transportation, removing one of the biggest barriers to EV ownership: slow home charging.

Additional discount on EV and hybrid vehicle loans

To celebrate and promote this program, EV or hybrid vehicle buyers can receive a 0.50% APR* discount on their loan when purchasing from a dealer partner.

The result is savings over the life of the loan, making it more affordable for members to purchase these vehicle types.

Consumers provides banking services for more than 132,000 members. If you have banking questions, call us at 800-991-2221. We make it easy to bank how you want, when you want.

*APR discount requires the purchase of a hybrid or electric vehicle at a Consumers Dealer Partner. The minimum APR that can apply is 3.49%. Offer subject to change at any time without notice.

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