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.
BEVs run completely on battery power and are the cleanest vehicles, with no tailpipe emissions. They have full battery range of anywhere between 150 to 400 miles, depending on the make and model.
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 20–40 miles while using battery-only power.
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.
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 5 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 10 to 30 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.
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 many models going more than 300 miles. That means even fully electric vehicles can meet most everyday driving needs.
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
While the initial investment of purchasing EVs is historically pricier than a fuel-powered equivalent, there may be savings opportunities when you consider incentives, fuel savings and reduced maintenance. It is important to consider the total cost of ownership of an electric vehicle. Learn more about other costs to consider by visiting the Real Costs of an Electric Car.
Beginning in 2024, the New Clean Vehicle Tax Credit and Used Clean Vehicle Tax Credit may be available at the time of sale from your local dealer because the tax credit can be transferred to the dealer.4
Bank of America is now offering consumers the option to finance a home EV charger along with their electric vehicle loan.
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