ChargePoint Commercial Charger Leasing Plan Aims For ‘Mass EV Adoption’

Continuing the effort “to spur mass electric vehicle adoption throughout the country,” this week ChargePoint announced a no-up-front cost lease program for small- and medium-sized busineses and municipalities.

The idea for the $100 million collaboration with Key Equipment Finance is simple: reduce the barrier to entry; solve the chicken and egg dilemma facing electrified cars that need to plug in.

ChargePoint is already the largest charging station operator with over 13,500 charging spots in 14 countries and this lease program stands to keep the momentum going.

Average lease terms will stipulate costs between $3 and $6 per day for five to seven year terms for charging systems that may range form $6,000 to $12,000 to purchase.

Businesses and government entities will in turn be able to defray their investment by attracting more people to stop and potentially spend money – or outright charging them – while EV drivers wait for their cars to charge.

“Through this program, companies and municipalities can now offer their workforce EV charging for no more than the price of a couple of cups of coffee per day,” said Pasquale Romano, CEO of ChargePoint. “By providing EV charging to workers, employers are essentially giving their employees a raise of up to 5% as a result of reduced fuel costs. In addition, companies increase productivity, allow their employees HOV lane access, and support important sustainability and environmental policies. This is a win-win-win for employers, employees, and our communities.”