Bank Of America Offers $3,000 Incentive For U.S. & UK Employees To Go Electric

FEB 10 2015 BY MICHAEL BEINENSON 16

Bank Of America

Bank Of America

Many employers around the country are offering some kind of incentive to help employees switch to an alternative fuel form of transportation. The benefits vary greatly from free EV charging to paying a portion of the lease payment so that employees can take advantage of HOV and HOT lanes and thus get to work faster.

But when someone offers hard cash and it happens to be one of the biggest employers in the country, isn’t that a great incentive!

Bank of America currently employs 230,000 employees worldwide with the majority of them located in United States and United Kingdom. By offering a $3,000 cash incentive to purchase Hybrid, CNG or Electric Vehicles, this program can really help employees who seeks alternative transportation.

This incentive has even a greater impact for employees living in parts of the country with no state credits or incentives.

According to the Bank of America website, 7,200 employees have already taken advantage of this offer.

Bank of America Summary Of Incentive Program

Bank of America Summary Of Incentive Program

If you are a Bank of America employee, contact your HR representative and get all the electrifying details.

*Small Print: The benefit is valid for 2015. You will receive a reimbursement through payroll on the next month after claim submission. The benefit is taxable (unlike in some cases State EV Credit). Must submit claim within a year of purchase. Vehicle must be on the approved list located on the corporate intranet. Leases are ineligible, however BMW’s Owner’s Choice program is technically a purchase and thus you may receive the $3,000 benefit.

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16 Comments on "Bank Of America Offers $3,000 Incentive For U.S. & UK Employees To Go Electric"

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Hey that’s a great idea. More big employers should do that.

I was tempted to make a BO A comment but I kept my mouth shut. 🙂

Then I’ll do it for you.

BOA is EVIL.

So EVIL, even the cable companies hate them.

Satan could take lessons from BOA.

BOA will do what it can to make as much money, as quickly as possible, even if it means putting people out of their house.

BOA has foreclosed on active duty military who were on deployment in war zones.

There are warm places in Hell reserved for the BOA executives.

I do not like BOA.

Its taxable, so its really $2,000 or so (depends on your tax situation).

Surprised there isn’t more restrictions to combat fraud and abuse (must own the car for at least a year, must stay with the company for a year, etc.), but this is BoA here. 😉

Haha, what’s a “highway-electric”?
No one can write a straight sentence without typos anymore 🙂

Otherwise, a ray of light from a – frankly – totally unexpected direction. Is this some effort at re-branding?

I’m assuming “highway-electric” is specified to exclude NEV’s.

Yup, I was just poking fun at the illiteracy.

‘Leases are ineligible’

Well, we bought our Volts and we are not lease kind of people, but soooo many folks EV folks who leased would probably be very irritated with this limitation. Personally, I like it…much more committed to the EV concept when you actually BUY the car. I’ve read of a number of people who came off their leases and went right back to ICE vehicles…those are the ‘OH! Shiney!’ folks who weren’t committed to EV in the first place.

I wouldn’t diss them. Affordable BEVs like the Leaf might turn out not meeting the needs of some people who lease them. We just had a couple bid a tearful farewell from the Leafs on the Seattle FB forum, with perfectly legitimate reasons for not leasing a second Leaf, and with a wish to go back to BEVs when those mature a bit more.

many people don’t make enough income to afford the full tax credit get the lease cause it is cheaper. normally leasing is the most expensive way to drive but not for ev’s.

electric-car-insider.com

So if you live in the San Joaquin Valley in California and work for BofA and pay the TrueCar “average price” you can drive a brand new $30k Ford Focus Electric for just $9,110. Lower if you are a good negotiator or your local Ford dealer has had a Focus Electric on the lot for more than 90 days.

That is just $169 per month over 5 years at 4.24% to own a very nice car.

Similar rates would apply to Leaf, Fiat 500e and several other EVs. Any one of them would be an absolute steal. You could probably sell it in a few years and put money in your pocket.

If you are a homeowner and install solar in that area your monthly fuel cost would be a few cents over $6.

I was impressed with the title, but then slightly disappointed that the incentive includes traditional hybrid vehicles. For many, it will be less compelling to go all electric if the less expensive hybrid option exists with the same incentive.

So a BOA employee can get a $7500 tax refund, maybe some state incentives and $3000 extra from the company. Plus VW, Nissan, BMW, various utilities and others are installing charging infrastructure. Mean while I live in Australia where I get zip…. well at least I have the moral high ground….. that doesn’t mean that I would turn down anyone offering to send me money or food.

I own a LEAF, I paid full price, please feel free to scale your donations accordingly.

BOA should offer low interest car loans to plug-in vehicles, to everyone.

Crook of a bank, now I know were my bogus fees went to.