The grant will fund the development of a fintech platform to empower EV buyers to save up to $200/month on electric vehicle loans.
Folsom, California, 15 October 2020. EV Life, a car site dedicated exclusively to electric vehicles, announced that it was 1 of 28 companies to win a CalSEED grant from the California Energy Commission (CEC). EV Life was selected from a competitive pool of over 200 startups based in California.
“The CEC is proud to support these 28 companies who aim to bring new energy solutions from ideas to game-changing innovations that boost the state’s economic recovery and provide benefits to ratepayers,” said Janea A. Scott, Vice-Chair of the CEC. “Now more than ever, investing in California’s entrepreneur ecosystem means investing in a resilient clean energy future.”
EV Life was founded in 2019 with a mission to accelerate the adoption of electric vehicles. Since then, the company has developed a suite of EV shopping tools on its web platform to give car buyers everything they need to confidently switch from driving a gas vehicle to an electric car.
This new CalSEED grant will fund the development of an EV Climate Loan platform. EV Life’s Climate Loan aims to lower the monthly cost of an EV by up to $200/month. The average California driver qualifies for over $10,000 in EV rebates and tax credits, but incentives can take 12 to 18 months to recoup post-purchase. EV Life’s platform fills a gap in the EV marketplace by underwriting incentives and using them as a downpayment to reduce the overall size of the loan.
“By turning someone’s post-purchase EV incentives into a down payment, we can significantly reduce the overall size of the loan, making the monthly economics of owning an electric car cheaper than owning a gas car,” said EV Life’s Co-Founder Kevin Favro. “We are honored to have received this CalSEED award and are excited to begin building our incentive-based finance platform that will change the economics of owning an electric car, especially for drivers in disadvantaged communities.”
Today’s grant funding for the EV Climate Loan builds on a growing movement catalyzing around the benefits of electric vehicle adoption. In September, California Governor Gavin Newsom signed an executive order banning the sale of new gas vehicles by 2035 to help reverse climate change and air pollution in the state. Consumer Reports published a study showing that EVs save drivers over $1,000 per year in fuel and repair costs versus gasoline vehicles. Also, Tesla and other car makers are seeing battery prices drop faster than expected, and analysts like Bloomberg predict that the upfront price of EVs will be less than gas cars by 2024.
“With the threat of climate change, we can’t afford to wait until 2024 for the purchase price of EVs to be cost-competitive. Particularly in a recession, it’s more critical than ever that we make financing EVs cheaper than gas today,” says Peter Glenn, EV Life’s Co-Founder. “To reach our ambitious goal, we’re developing partnerships with leading automakers, banks, and credit unions to ensure that all drivers can EV Climate Loans at every point of sale.”
About EV Life
Founded in 2019, EV Life’s mission is to connect people with opportunities to build a safer, more sustainable world. The company’s first product is a web platform that makes it easier to find and finance an electric car. EV Life does this through a user-friendly interface that brings together car shopping tools, charging & range calculators, and an EV Climate Loan that saves drivers up to $200 per month on financing. http://evlife.co
Name: Peter Glenn, Co-Founder
About The Author: Peter Glenn
Co-Founder at EV Life. New dad. Lover of EVs, exploring the Great Outdoors, and pickled beans.
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