$4.5 billion eligible for loan guarantees for EV charging stations

$4.5 billion eligible for loan guarantees for EV charging stations

The White House recently announced several measures designed to push development of electric vehicles, including the designation of $4.5 billion in loan guarantees for EV charging stations.

The Energy Department clarified that certain EV charging facilities are eligible for loans under its Renewable Energy and Efficient Energy Projects program. Energy Secretary has announced details of the program in recent years at The Washington Auto Show. Loan guarantees can be an important tool to commercialize these technologies, the White House said, because the projects might not otherwise be able to get full commercial funding.

Other parts of the EV effort:

« DOT is working with state and local officials to identify zero emission and alternative fuel corridors, including for EV charging across the country. The goal is to have a national network of EV fast charging stations by 2020.

« The Obama administration wants to partner with state, county and municipal governments to procure EV fleets at a discount.

« The White House said that 35 new businesses, nonprofits, universities and utilities have signed on to the Energy Departmentês Workplace Charging Challenge, committing themselves to provide EV charging access for their workforce. The Workplace Charging Challenge was announced at a past Washington Auto Show by Secretary Moniz. Since 2008, the number of EV charging stations nationwide has jumped from fewer than 500 to more than 16,000 today.

Battery storage capacity and range anxiety remain problems for the EV industry.

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