At our March networking event, we discussed the need for affordability in the acceleration of electric vehicle adoption. Our speakers, Jhana Valentine, Program Director | Clean Vehicle Assistance Program at Beneficial State Foundation and Forth’s Tegan Molloy. focused on EV financing pilots aiming to close the affordability gap for low-income drivers.
There is a lack of financial products designed for disadvantaged communities that increase access to electric vehicles. Forth is launching a pilot program in summer 2019 for rideshare drivers who are low-income, underbanked, or have poor credit secure financing for an electric car. The program will educate, provide financing products, and evaluate how access to an electric car impacts their net income and overall livelihood.
The pilot program is developed upon Forth’s electrifying shared mobility campaign. The #DriverGoals campaign is aimed at educating current TNC drivers on the benefits of driving electric on their rideshare platform.
The primary goal for the Forth pilot program is to provide set the participants up for success. This goal will be achieved by providing financial education to participants, ensuring access to charging and to quality loans.
You can view Tegan’s presentation here:
The Clean Vehicle Assistance Program (CVAP) provides grants and affordable financing to help low-income Californians purchase a new or used hybrid or electric vehicle. The program is made possible by a partnership between Beneficial State Foundation, Beneficial State Bank, California Air Resources Board (CARB), Center for Sustainable Energy and GRID Alternatives.
The program was constructed around the Mobility Equity Framework, published by Greenlining Institute, on how to make transportation work for all people. The participant experience remains a crucial aspect, which is why affordability, fair financing and access to charging were the top priorities of the program. Grants are provided for vehicle purchasing, installation of charging stations. Each applicant undergoes the process of the initial application, income verification, program education before getting approved.
As of 03/20/19 CVAP successes include, 345 grants announced and $1.5 million in the fund provided to lower-income households. Challenges include providing auto loan education for participants, dealership partnerships and more outreach to residents in disadvantaged communities.
You can view Jhana’s presentation here: