California on Tuesday launched a $2 million financing program that provides incentives to small-business owners and landlords to install electric-vehicle charging stations for their employers, clients and tenants.
The Electric Vehicle Charging Station Financing Program announced by state Treasurer John Chiang and California Energy Commission member Janea Scott aims to encourage lenders to finance installation of electric-vehicle charging stations by in-state businesses.
Among other things, the program offers coverage against losses resulting from a loan default and provides businesses with a rebate of up to 15 percent of the cost to install charging stations.
“While California leads the nation in electrical vehicle sales, millions of consumers don’t consider them to be a viable alternative because the absence of a sufficient network of charging stations has only amplified concerns over (vehicle) range limitations,” Chiang said in a statement.
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The California Pollution Control Financing Authority, chaired by Chiang, developed the program, which is part of CPCFA’s California Capital Access Program. CalCAP encourages banks and other financial institutions to make loans to small businesses that have difficulty obtaining financing.