Loans for EV charging solutions for homes may be sourced with Unsecured Personal Loans and asset finance and unsecured credit facilities for businesses. Sales of electric vehicles have soared in Australia primarily due to the recent surge in fuel prices and the risk of fuel shortages. Car buyers are turning to battery electric, PHEV and hybrid models to reduce their fuel costs and avoid any potential shortages.
One of the main reasons why Australians were slow to take-up electric vehicles was the lack of charging infrastructure. While the public facilities are growing, many owners will want the convenience of their own facilities.
Installing your own EV charging solution at home, in the workplace or on a commercial premises may be a very workable and affordable option. Providing the convenience of easily charging your vehicle overnight, while working, and to support a fleet of EVs on-site.
While many installations may be funded from existing cash flow and savings, more complex and larger-scale solutions may require financing. We outline the financing options for both personal and business loans for EV charging stations.
EV Charging Set-ups and Considerations
Buyers will need to know how much they will require for financing and if finance is required. That can involve working out the type of set-up that suits the property and the number of vehicles to be charged.
The type of charging equipment required will depend on a number of factors. Considerations include:- the level and speed of charge preferred; the electrical set-up at the property; distance from charging unit to the vehicle which may require longer run cables with trenchwork; the age of the property’s switchboard; if a solar power installation requires adapting and connecting or installing; and for workplace, apartment and business premises, how many vehicles require charging at the same time. If considering installing a charger in an apartment building, approval from the strata committee will typically be required.
An entire system may include hardware for a Level 1,2 or 3 system, installation costs, and upgrades to electricals works. Some properties may require trenchwork for additional cabling. Properties with existing solar may require upgrades or specialist installers to connect to the solar system.
Engaging with professional consultants may be advisable to assist with planning the specific requirements for your property. Buyers may refer to organisations like the Electric Vehicle Council for information on different types of installations and suppliers.
Business Loans for EV Charging Solutions
The options for financing the installation of electric vehicle charging facilities at a commercial premises by a business can include asset finance and/or Business Loans. Where the equipment and installation costs are provided by the same supplier on the one invoice, they may be included in the same loan.
Where the equipment is accepted as suitable loan collateral by the lender, businesses may finance that part of the installation with either Chattel Mortgage, Lease or Commercial Hire Purchase. A separate Unsecured Business Loan or Overdraft may be used to finance costs that are not considered suitable collateral. For example, trade fees for electrical system upgrades, building works, and installation that is invoiced separately to the hardware.
Consult with one of our brokers on the most affordable funding package to install facilities at your business premises.
Loans for EV Charging Solutions - Residential
Where a basic charging station with a straightforward installation is required, many homeowners will likely not require finance for their set-up. Many home charging set-ups can be priced under $2000, but that pricing may not include the full scope of the works required.
Where the property and electrical set-up require work by tradespeople, or a more expensive unit is required, financing may be required. A more complex set-up may include upgrading an existing solar power installation to suit the EV charger or digging trenches for cabling to the driveway or garage. An Unsecured Personal Loan may suit this type of expenditure and may cover the full cost of the hardware, building and electrical works, and the installation. To confirm the type of loan that best suits your plans, speak with one of our brokers.
Calculating Loans for EV Charging Solutions
When planning your electric vehicle charging facility installation, refer to our Finance Calculator for loan estimates. Use the relevant interest rate for the loan product required to fund the project. Note that secured finance is provided with fixed rates that do not change and unsecured loans may have a fixed or a variable rate. Variable rates are subject to change with the Reserve Bank.
The calculator provides estimated repayments which can be useful for planning purposes. To know exactly what your finance will be, request a quote based on your hardware and installation plans.
Contact a Jade Car Loans broker on 1300 000 003 to discuss the most suitable and affordable loans for EV charging solutions and stations for your property and your vehicles.
DISCLAIMER: IN REGARD TO MISREPRESENTATIONS AND ERRORS CONTAINED IN THE MATERIAL AS PRESENTED, LIABILITY IS NOT ACCEPTED. THE DETAILS AND CONTENT IS PROVIDED FOR CAR BUYERS AND INDIVIDUALS AND BUSINESS SEEKING FINANCE PURELY AS GENERAL INFORMATION. THIS IS NOT PROVIDED AS THE ONLY SOURCE OF FINANCIAL INFORMATION. ANYONE THAT CONSIDERS THAT NEED FINANCIAL ADVICE ABOUT THEIR SPECIFIC REQUIREMENTS SHOULD SEEK THEIR OWN FINANCIAL ADVISOR.
