Financing Models to Expand Access to Electric Vehicles in California
By Harlin Singh
California accelerated the adoption rate of electric vehicles (EVs) through rebates and other operational incentives. However, due to socioeconomic lifestyle burdens, disadvantaged communities have not had full access to these efforts.
The Milken Institute convened a Financial Innovations Lab in Santa Monica in April 2017, bringing together leaders from the community, private investors, policymakers, and corporations to help address California’s gap in electric vehicle adoption in disadvantaged communities. Participants recommended additional electric vehicle rebates, discounts, special programs and other incentives, backed partially by local, state, and private funds. Participants discussed the need for a fully developed public infrastructure network including a clean-energy bus service, vanpools, and car sharing programs, and called for innovative collaboration between policymakers and the private sector, as well as novel financing and policy mechanisms. Finally, participants highlighted the need for outreach to both lenders and borrowers along the value chain of vehicle purchase, charging infrastructure, and battery replacement as additional mechanisms for progress.
Santa Monica, California