EV Financing Options for Low-to-Moderate Income Individuals in Columbus, OH
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Date
2020-12
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Abstract
Through the assessment of existing electric vehicle (EV) equity programs, this report aims to provide Smart Columbus with policy options that will help increase adoption of EVs in low- to moderate-income (LMI) households in central Ohio through financing for personal vehicle ownership/lease. Our research uses key informant interviews and EV equity program websites and reports to draw comparisons with the capacity for the City of Columbus to adopt similar program components. We recommend that Smart Columbus consider developing a program to provide low-interest loans and grants as a financing option for an EV equity program in central Ohio. We also propose a structural outline for a five-step program that we recommend Smart Columbus adopt in pursuit of an EV equity program. Finally, we recommend two ways Smart Columbus can engage with the LMI community to alleviate barriers to EV adoption. These steps are to (1) create a financial literacy course in the program's application process (2) develop a set of key performance indicators to measure both environmental and social impacts within LMI communities.
Description
Course Code: AEDECON 4567
Keywords
EV Adoption Program, EV Equity Program for Low-to-Moderate Income (LMI) Individuals, Community Development in Columbus, OH, The Ohio State University & Smart Columbus