The Bay Area Air Quality Management District has awarded a $5 million loan guarantee to a California startup seeking to help car buyers lower their monthly payments on electric vehicles.
The agency awarded the multi-million-dollar loan guarantee to EV Life, a company based in Folsom, Calif. which offers the EV Life Climate Loan to consumers looking for an affordable financing option to buy electric vehicles.
This loan guarantee is the most recent project under the Air District’s Climate Tech Finance program which seeks to support innovative climate projects, the agency said in a news release Wednesday.
The Air District’s Climate Tech Finance team partnered with the California Infrastructure and Economic Development Bank and the Northern California Financial Development Corporation in conducting a technology qualification, social equity impact and greenhouse gas analysis on EV Life to determine its eligibility for the loan guarantee.
The Air District’s greenhouse gas analysis ensures that new technologies will reduce short- and long-term greenhouse gas emissions.
The agency’s Climate Tech Finance team eventually found EV Life eligible for the loan guarantee, allowing the company to secure a line of credit with San Francisco-based RSF Social Finance to help fund its EV financing service for consumers.
“While the Bay Area has made significant progress increasing electric vehicle adoption, we must eliminate the EV price barrier so all residents can access and benefit from clean air vehicles,” Air District Executive Officer Dr. Philip Fine said in a statement.
Although many EVs come with tax credits, rebates and other incentives, few incentives reduce the upfront cost of their purchase, which may initially be higher than that of a gas-powered vehicle.
To address the situation, EV Life’s Climate Loan platform enables car buyers to apply for a loan and use their qualified tax credits and rebates upfront to lower payments by up to $200 per month, making financing an EV competitive with a gas car.
Peter Glenn, founder, co-CEO and head of marketing at EV Life, acknowledged that the Air District’s loan guarantee helped the company secure its first commercial bank loan at terms that could make its EV financing affordable for more Californians.
“We believe that when it comes to buying a car, you shouldn’t have to choose between saving the planet and saving money,” Glenn said in a statement Wednesday.
EV Life’s forecasted growth is expected to reduce 30,000 metric tons of carbon dioxide equivalent emissions per year in California by helping residents switch from gas-powered to electric vehicles, according to the Air District.
The Bay Area Air Quality Management District is the regional agency responsible for protecting air quality in the nine-county Bay Area.
Great now are tax dollars are financing other people’s car loans.I guess if they decide not to pay it back we will lump that in with student loans.WTH!I smell a skunk.
Time to defund The Bay Area Air Quality Management District .
Free money? How do I sign up?
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“… social equity impact…”?
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Politically correct way saying of saying Caucasians need not apply.
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And that is referred to as “justified institutionalized racism”.
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Breaking News Under SB 233, all new EVs sold in California by 2030 would be required to come equipped with bidirectional charging, a technology that allows EV batteries to power homes, businesses, or the grid. “The battery capacity in today’s electric vehicles give them the potential to be mini power plants on wheels.
Only in California.
Which means that it’ll take longer to fully charge the vehicles.
Are democrats just clueless or outright stupid?
And they still can’t/won’t answer the basic questions.
Yep. And … EV batteries only have so many useful charging cycles in them before start to degrade significantly.
The great EV scam is not going as all the greenies were expecting it to.
Wind, solar geo, EV and so on are all just like a fart in the wind. Fossil fuels are not going away for many generations.
Greta you have finally shut up and those bozos that are gluing their hands down to the pavement in various places are about as bright as a 10w light bulb.
I will wonder what the graft scheme is? Connected EV buyers skipping out on loans and freebies with no repercussions?
They will get the money, spread it around to their benefactors and file for bankruptcy within two years. This is about the dumbest idea I have heard about in two days. Democrats are corrupt though and through.
“We believe that when it comes to buying a car, you shouldn’t have to choose between saving the planet and saving money,”
This EV guy actually said that like it really means something. Someone is going to make a fortune figuring out how to get rid of all the waste gasoline and diesel produced from the feedstock that makes everything else we use in the modern world.
AD
The problem with EV’s is they will eventually get old, and when people get tired of their old car, they like to trade it in for a new one. What’s going to happen to all those used EV’s that will suddenly be on the market in the very near future? A used EV comes with a used battery, and since it can cost anywhere between $5000 to $20,000 to replace one, it seems to me that a used EV will not be worth much on a trade in. What will they do with all those used batteries?
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EVs will be become as disposable as a Bic lighter.
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Yeah, that’s environmentally friendly.
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More “woke” unrealistic idealism from people that must have had bad parents growing up. When I came up with idealistic ideas as a kid my parents would teach me about compromise and why my ideas would not go over or take shape.
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I really don’t think this country nor any other was ready to replace fossil fuel vehicles. It reminds me of seeing people with smart cars which were made for parking space limited Europe when they could have gotten a 4 seat economy car that gets even better mileage. Here smart cars are more a novelty item.
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Noted this morning that the local “woke” radio station cherry picked a professor to scare everyone about climate change. He is supposed to be a professor but sounded more like a lobbyist. Wonder how many on the list they had to go through until they found this one to fit their agenda.
Most “professors” these days have never worked a real job in their lives, but pretend that a PhD or a law degree makes them an “expert”… and of course the liberals (and news stations) bow down to them and say, “well they have a PhD (or a JD).
Wow, I’ve been pointing that out in my field (computer programming) for the last decade. They replaced a lot of teachers who had worked in the field with ones with advanced degrees but no experience working in it. There was actually a news story on the WSJ about a new engineer when given an assignment asked “How Do I Do That?”. His boss was appalled because the assignment was something taught in the second year of engineering school. You can probably search on that title and find the article (which for some reason didn’t have a paywall as usual).
I red somewhere recently that EV charging stations are being hacked, thereby allowing hacking into the EV’s firmware – and therefore into your account.
More ID theft, hacking into the EV ‘s control systems, etc… even at home chargers.
Of course, those liberals pushing the “green” solutions or want the latest toys are completely oblivious to these threats.
And don’t tell me how the government is gonna “solve” those problems. They haven’t figured out how to resolve the electrical infrastructure issues to meet their ambitious “goals.”
And the Cruise vehicles in SF are stalling out because of Bluetooth connectivity issues? Again, more infrastructure problems that are not being addressed in a timely manner.
The problems with democrats/liberals is that they’re unable to plan ahead and consider the consequences.
No, this isn’t a waste of money…You can’t fix stupid.
Of course not – that doesn’t fit the greenies narrative.
Never trust a liberal. Liberalism is a mental disease.
EV’S = utter ignorance.Money grab,then go back to gas $10 per gallon.
Yet another gimmick to get people who don’t have money to spend money. This does not eliminate the price barrier, it just increases risk of default by those with no money to spare.
The fact they are suggesting an individual’s electric car should act as a back-up battery to cover electricity shortages is reason enough to never buy one.
So while those electric cars are beached in the driveway automobiles that run on something other than false promises will still be mobile.
I want to be in the business of loaning people money…but I don’t have any money to loan them… But if I know the right people, who know the right people~~~~I can get a political taxpayer funded organization to give me a chunk of the fines monies they took from local employers, and the tax money they took from me and all my neighbors ~~~~ to start loaning that money back to them [the overpaid political organization employees and family and friends]… so they all can buy whatever overpriced things they couldn’t afford without me loaning them money… ? Really?
Does the snake eating its own tail eventually swallow itself? I always wondered about that.
“Lets all say it together” “Solyndra!”
yeah… tax dollars at work!