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The California Air Resources Board (CARB) is pleased to announce the upcoming launch of the pilot Zero-Emission Heavy-Duty Vehicle Air Quality Loan Program in conjunction with California Pollution Control Financing Authority through their California Capital Access Program (CalCAP).
The new pilot program will support financing opportunities for medium- and heavy-duty zero-emission vehicles. As an “Independent Contributor” to CalCAP, CARB will contribute a percentage of an enrolled loan into a “loan loss reserve” account for each participating financial institution.
With these funds available, lenders are better equipped to lend to businesses that need a little extra assistance and typically offer more favorable terms than the business would qualify for otherwise.
Fleet and Lender Qualifications
The pilot program will be offered statewide. Eligible small fleets may apply for a loan through a participating lender who will then submit an enrollment application directly to CalCAP.
Eligibility requirements include:
- Fleet size of 20 or fewer medium- and heavy-duty vehicles
- Purchased vehicle(s) must be:
- Zero-emission
- On-road
- Gross Vehicle Weight Rating over 8,500 pounds (Class 2b through Class 8)
- New or Used
- A warranty purchase is eligible when combined with a vehicle purchase
Introductory Webinar
A virtual introductory webinar will cover how the loan loss reserve process operates, lender and fleet requirements, forms necessary to enroll loans, as well as a review of common vehicle incentives and stackability.
Date: Wednesday, May 1, 2024
Time: 10:00am
Location: Webinar
To participate, lenders must submit a Financial Institution Application and have staff attend an individual training provided by CalCAP. Once the lender is approved, loan enrollment applications may be submitted. Program documents will be posted after the webinar.
Financial institutions that are not available to attend the Webinar but would like to learn more about the program may email calcap@treasurer.ca.gov.
Background
An initial funding allocation of $5 million was provided in the CARB Fiscal Year 2022-2023 Funding Plan to create the pilot ZE Heavy-Duty Vehicle Air Quality Loan Program. The pilot will help program staff learn about what small business fleets need to transition to zero-emission vehicles by analyzing project data and evaluating deployment success. Staff will also monitor pilot participation in disadvantaged and low-income communities and solicit input from lenders and borrowers to understand how the program has influenced purchasing behaviors.
Contact
If you have questions about the webinar, please contact Brandon Rose. If you require a special accommodation or need this document in an alternate format (i.e., Braille, large print) or another language, please contact Siamak Asnaashari, as soon as possible. TTY/TDD/Speech to Speech users may dial 711 for the California Relay Service.
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