Folsom company helping car shoppers take advantage of EV incentives
FOLSOM - The roadmap to going green in California means all cars produced by 2035 will be zero-emission vehicles. At this point, they cost more and that's pricing out people. But as CBS13's Rachel Wulff tells us, a Folsom business has devised a way to drive customers to thousands in tax incentives.
Joanna Rath is reveling in her new purchase: a Tesla.
"I love it. It's very safe. There are cameras all around," said Rath.
Rath had put a lot of miles on her old car.
"About 70 miles a day. It was costing $140 a week," she said.
She wanted to go electric, but the price put that plan in park until she got the green light through a Folsom-based company called EV Life.
"So we approached this problem from a technical perspective and from a technology perspective," said Kevin Favro.
Software engineer Kevin Favro came up with an online loan program that would drive consumers to loans to help offset the higher cost of electric vehicles.
The idea was sparked one weekend in April 2019 during a Tech Stars startup weekend at the Granite City co-working space.
The goal: how to help consumers realize the buying power of thousands in tax credits at the point of purchase instead of waiting until 18 months later.
"So our software will tell you in seconds based on over 20 data points that we analyze. Your location, the vehicle -- other personal information...your income. It will tell you in seconds and down to the dollar what you qualify to receive," said Favro.
The money is used as an additional downpayment to offset the so-called green premium of the car.
"What that means in real terms is you can finance a Tesla for the monthly payments of a Toyota Camry or Honda Civic," Favro said.
Rath says her payment went from $800 to $500 per month and she had her car in a week.
"I still have a car payment, but when you minus out the gas, it helps," she said.
The loan program is already driving more electric car purchases. Favro says they launched in California in June and there are hundreds of applications. They are now in Colorado where the state incentive doubled.
"It's really exciting. At the end of the day, we are helping real people solve real problems and helping them get into real cars that are going to lower their emissions by up to 80 percent," Favro said.
This only is available in two states and only if you apply for a plug-in hybrid or a battery electric. It does not apply to hybrids like a traditional Prius.
