Drive Electric Earth Day
EVs for Everyone and Fair Financing: Low-Interest Loans to Support Low- and Moderate-Income EV Adoption
Los Angeles, CA
Apr 23, 2021
|Note:||This is an online only event with no physical location.|
|Day:||Friday, April 23, 2021 NOTE: this event has already happened.|
|Time:||9:00 am - 10:00 am (America/Los_Angeles)|
|Organized In:||Los Angeles, CA for a local audience|
Cost of Ownership
As electric vehicle sales increase, policymakers are increasingly interested in seeing more of these vehicles purchased by low- and moderate-income (LMI) individuals. This is no simple task. EVs are not (yet) the optimal vehicle for all buyers and all use cases. Objective and honest information about how well an EV meets a potential buyer’s needs is vital to ensure that efforts to increase LMI adoption of EVs are actually centering the interests of LMI individuals. Even with incentives, the up-front cost of a new EV may still be significantly more than other vehicle options, although the EV can have lower costs over time. Low-interest financing combined with accurate information on EV capabilities can help overcome these hurdles.
Plug In America has developed the pilot “EVs for Everyone” program in partnership with Express Credit Union in Seattle, incorporating both of these elements. As a Community Development Financial Institution (CDFI), Express Credit Union has a mission to provide financial services to underserved communities.
Because EVs cost less per mile than gasoline vehicles do, the economics improve the more they are driven. Electrification of ride-sharing is a key opportunity to accelerate EV adoption. EVs can be economically advantageous for the drivers, and the drivers serve as “EV ambassadors” to their passengers. Many of these drivers are LMI individuals, relying on loans to purchase the fairly new vehicles required by the ride-sharing services. Forth has developed the “Fair Financing” pilot in Portland, OR to support EV adoption among ride-sharing drivers.
We invite you to join Plug In America, Express Credit Union, and Forth on April 23, from 12-1 PM EDT, for a discussion of these pilots, with an eye towards developing extensions of such efforts in Connecticut and Massachusetts.
This webinar is targeted at the following groups:
- State agencies, legislators, and regulators with an interest in increasing LMI EV adoption;
- EV rebate administrators;
- Community Development Financial Institutions interested in developing such a program;
- Community organizations interested in supporting such a program; and,
- Agencies or organizations otherwise able to implement such a program.
Please feel free to forward this invitation to contacts in the targeted sectors.
Speakers will include:
- Pete O’Connor, Senior Policy Manager, Plug In America
- Elizabeth Escobar, Chief Business Officer, Express Credit Union
- Barrett Brown, Program Manager, Forth
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There are currently 48 attendees registered.
Owners of These Vehicles Have Registered To Attend
|Nissan Leaf (2011-2017)||3|
|Chevy Spark EV||1|
|Honda Clarity Battery Electric||1|
|Nissan Leaf (2018+)||1|
|Tesla Model 3||1|
|Tesla Model S||1|
|Toyota RAV4 EV (2012 and later)||1|
Registered attendees report 773,450 electric miles driven.