ChargePoint Offers Financing to Spur Installation of EV Chargers

ChargePoint Inc., the largest operator of charging stations for electric vehicles, is offering a financing program with KeyCorp (KEY) to help businesses and cities install its systems.

The lease-to-purchase program has no upfront costs for customers, Campbell, California-based ChargePoint said today in a statement.

The company’s systems typically cost about $6,000 to $12,000 to buy. The leases offered through KeyCorp average five years to seven years and most will cost about $3 to $6 per day, said Chief Executive Officer Pat Romano. Customers may recoup the expense by charging users or by promoting them as a service to attract business. The arrangement is designed to spur wider deployment of chargers and electric vehicles.

“Eliminating the upfront cost and allowing them to pay for the device over time, as they’re receiving benefit from the device, is much easier for many customers,” Romano said in an interview. The financing program may also benefit municipalities that want to offer charging capabilities to employees.

ChargePoint has more than 13,500 charging spots in 14 countries, according to its website.

To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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