TO THE EDITOR:
In "A green mobility bank could give EVs the spark they need" (July 26), Laura Sherman, Michigan Energy Innovation Business Council president, argued access to capital is the key to eliminating the "chicken or egg" problem fueling public hesitancy to adopt electric vehicles. Sherman contends access to affordable financing can overcome both consumers' hesitancy to purchase EVs and business owners' hesitancy to invest in charging infrastructure. At Michigan Saves, the nation's first nonprofit green bank, we couldn't agree more!
That's why H.R. 806 is so important. The U.S. House proposal would create the Clean Energy and Sustainability Accelerator to provide financing support for clean transportation investments and processes to accelerate market penetration. While Michigan Saves already finances residential and commercial EV charging stations, additional accelerator capital would allow for financing larger and more expansive commercial projects with longer terms and lower rates. Michiganders could more rapidly deploy the charging infrastructure necessary to support Ford and General Motors' historic investments in EVs.
Businesses along major interstates and U.S. highways are prime candidates for charging stations and could offer additional goods and services for travelers needing to charge their vehicles. Michigan Saves has been helping small businesses grow and thrive with clean energy investments for over a decade. We can provide affordable loans to business owners for installing and maintaining DC fast chargers or Level 2 chargers without breaking the bank. With the accelerator, even more businesses could seize the key to unlock EV infrastructure in Michigan.
MARY TEMPLETON, CEO, Michigan Saves, Lansing, Mich.