Vol. 1, No. 3, Published July 6, 2015
The California Pollution Control Financing Authority�s California Capital Access Program has a new Electric Vehicle Charging Station Financing Program to encourage the development of charging stations like this one.
Spotlight on Treasurer’s Office: New Opportunities for Electric Vehicle Charging Stations
Are you a small business owner interested in installing one or more electric vehicle charging stations at your place of business? Are you an electric vehicle service provider seeking to obtain capital to accelerate your charging station distribution schedule?
If so, the California Pollution Control Financing Authority�s (CPCFA) California Capital Access Program (CalCAP) has a new Electric Vehicle Charging Station (EVCS) Financing Program which may help you meet your goals.
The California Energy Commission allocated $2 million to the CalCAP EVCS Financing Program as a pilot, to support the expansion of California�s electric vehicle charging infrastructure. The program, which launched in June, aims to leverage public funds to attract private capital for the expansion and deployment of electric vehicle infrastructure in California. The CalCAP EVCS Financing Program, which is modeled after CPCFA�s other very successful CalCAP programs, provides participating lenders with loan portfolio insurance to encourage the financing of electric vehicle charging stations while mitigating some of the risks associated with small business borrowers. One feature of this pilot program is that borrowers may be eligible to receive a rebate for installing charging stations.
Gov. Jerry Brown�s Executive Order B-16-2012 tasked state agencies to collaborate and develop innovative and sustainable financing programs to develop the electric vehicle infrastructure necessary to support 1.5 million zero-emission vehicles on California�s roadways by 2025. In a partnership between the California Energy Commission and CPCFA, the CalCAP EVCS Financing Program is designed to create incentives for the installation of electric vehicle charging infrastructure at local businesses and multi-unit residential properties, to support California�s climate change policy goals and encourage the zero-emission vehicle industry to be a strong and sustainable part of California�s economy. CPCFA hosted a webinar, New Opportunities for Electric Vehicle Financing, on June 18, 2015, for nearly 150 attendees seeking information on this opportunity to expand the availability of electric infrastructure in California. Attendees included electric vehicle practitioners, lenders, State and local governments, electric vehicle collaboratives, and auto industry representatives from across the nation.
The presentation addressed the program benefits and introduced a new EVCS Financing Program Marketplace aimed at connecting electric vehicle practitioners such as charging station suppliers, installers and service providers with lenders, government agencies and other interested parties to assist California small business owners with their charging station needs. The webinar also provided an opportunity for CPCFA and Energy Commission staff to respond to questions from the webinar participants. Presentation slides are available on the program’s webpage.
The EVCS Financing Program has been well received by lenders. Five lenders are currently approved to participate in the program and this number is growing. As more lenders are added, staff will update this list of participating lenders.
To sign up to be part of the EVCS Financing Program Marketplace Contact List, access the webinar presentation and stay current on the launch of the CalCAP EVCS Financing Program, you may:
- Visit the Electric Vehicle Charging Station (EVCS) Financing Program webpage
- Sign up to receive CPCFA information electronically
- Send an email to CalCAP, and
- Contact Program Manager Jason L. Bradley at (916) 653-3376.