Wednesday, August 09, 2023

The Air District has awarded a loan guarantee to EV Life, a startup working to eliminate the green premium on electric vehicles for millions of people who find the upfront cost of driving electric challenging.

Spare the Air Status

While the sticker price of an EV may initially be higher than that of a gas-powered vehicle, the cost of driving an EV is often lower due to reduced fuel and maintenance costs. Although many EVs come with tax credits, rebates, and other incentives, few incentives reduce the upfront cost of their purchase. EV Life empowers consumers to discover and finance these incentives and helps lower their initial car payments through the EV Life Climate Loan. The loan can make financing an EV more affordable than a traditional gas vehicle, marking a significant milestone in the push for widespread clean energy adoption.

Unlike traditional auto financing, 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.

This loan guarantee is the most recent project under the Air District’s Climate Tech Finance program. In partnership with the California Infrastructure and Economic Development Bank and the Northern California Financial Development Corporation, the Climate Tech Finance team led a technology qualification, social equity impact and greenhouse gas analysis that deemed EV Life eligible for a multimillion-dollar loan guarantee. This loan guarantee supported the company in securing a line of credit with RSF Social Finance.

The core value of the Climate Tech Finance program is to support innovative climate projects and the Air District’s greenhouse gas analysis ensures that new technologies will reduce short- and long-term greenhouse gas emissions. 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.

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Last Updated: 8/8/2023