Obama Administration to Provide Up to $4.5 billion in Loan Guarantees for Electric Charging Stations

electric_vehiclesThe Obama administration will provide up to $4.5 billion in loan guarantees to build charging stations across the nation, all to spur development of electric vehicles.

“By working together across the Federal government and with the private sector, we can ensure that electric vehicle drivers have access to charging stations at home, at work, and on the road – creating a new way of thinking about transportation that will drive America forward,” says the White House fact sheet.

The plan will also call on state, county and local governments to partner with the federal government to procure electric vehicle fleets at a discounted value while also studying where to build the infrastructure.

Since 2009, the number of plug-in electric vehicle models increased from one to more than 20, battery costs have decreased 70 percent, and we have increased the number of electric vehicle charging stations from less than 500 in 2008 to more than 16,000 today – a 40 fold increase, the White House adds.

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