Thinking of
going electric?

Things to know about EVs

EVs have become increasingly popular with people who are attracted by the increased fuel efficiency and lower emissions. Plus, options are growing, with more and more manufacturers getting in on the game.

If you've been thinking about getting a greener ride, get the facts to help you decide what's right for you. Explore topics, including how to buy an EV from a manufacturer, from a dealer or on Bank of America's car shopping site. You can also go directly to our FAQs.

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Types of electric vehicles

Fully/battery electric vehicle (BEV) illustration

BEVs run completely on battery power and are the cleanest vehicles, with no tailpipe emissions. They have full battery range of anywhere between 200 to 400 miles, depending on the make and model.

Plug-in hybrid electric vehicle (PHEV) illustration

A PHEV has both a gas engine and a rechargeable battery pack, and only uses the gas when the battery runs low. It produces tailpipe emissions only when gasoline is being used. PHEVs have an approximate range of 20–55 miles while using battery-only power.

Hybrid electric vehicle (HEV) illustration

HEVs are powered by a gasoline engine, with battery power to increase fuel economy. The battery is charged by the motion of the wheels when braking ("regenerative braking"). Emissions can be lower and fuel efficiency can be better compared to gas-powered vehicles, especially when driving at lower speeds or in the city.1

A chart showing different EV charging options, with Level 1 using 120 volts AC, Level 2 using 240 volts AC and Level 3 using 480 volts DC.

3 ways to recharge

Different vehicles charge at different speeds, so these recharge times are just estimates.2

Level 1 uses a regular household outlet, but recharging is fairly slow, adding on average about 2 to 3 miles of range per hour.

Level 2 uses a 240-volt connection, such as you may have for a large appliance. You can install a connection at home, but you'll need a place to put it, such as a garage or parking spot. These chargers add 12 to 37 miles of range per hour, so you can get a full recharge overnight (or during the workday if your employer offers a charging option).

Level 3 DC fast chargers are located at many public charging stations and are becoming more and more available. Level 3 chargers can add dozens if not hundreds of miles in as little as 30 minutes.

How far can you drive?

Although the driving range varies depending on the manufacturer, most fully electric vehicles can go more than 200 miles on a full charge. Plus, car and battery manufacturers continue to make improvements, with some models going more than 400 miles. That means even fully electric vehicles can meet most everyday driving needs.

Consider your charging locations

An important part of purchasing an electric vehicle is planning for how you'll charge it. One option is to conveniently charge your EV at your home. You may be able to include a charging station with your vehicle financing at a Bank of America network dealer. Contact your dealer for more information.

If you plan to charge while on the road, keep in mind — the number of charging locations is expected to grow exponentially over the next 5 to 10 years — but knowing where those stations are now is an important part of your decision process. Visit PlugStar® to find charging locations near you.3

Map of many charging station locations
Father charging his electric vehicle in the driveway while his family is in the background

Keeping your electric vehicle in good shape

An all-electric vehicle doesn't have an internal combustion engine therefore less maintenance is required. You won't have to worry about traditional maintenance like oil changes, coolant flushes, spark plug changes and more. However, an EV is not maintenance free. Make sure to understand which periodic checks and services your manufacturer recommends when you purchase an EV.4

Gas-powered car 
Lifetime maintenance and repair cost — $9,200

BEV car 
Lifetime maintenance and repair cost — $4,600
Lifetime savings vs. gas — $4,600

PHEV car 
Lifetime maintenance and repair cost — $4,600
Lifetime savings vs. gas — $4,600

Electric vehicle news

Man grabbing a electric vehicle charging cable from his trunk

New! Financing for residential electric vehicle chargers

Bank of America is now offering consumers the option to finance a home EV charger along with their electric vehicle loan.

Crowded charging station

What are the real costs of buying an electric car (EV)?

The initial investment may seem pricey, but it could help save you money — and the environment — over the longer term.

Man looking at his phone while getting ready to charge his electric vehicle

EVs on the charge

Check out this report by the Bank of America Institute analyzing EV adoption trends and access to charging stations.