Project Background for Zero-Emission Truck Loan Pilot Project
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Project Goals
The goal of the pilot is to provide financing opportunities for small-sized business fleets in making a successful transition to zero-emission technology and for CARB, CPCFA, and lenders, to learn the needs of fleets.
Guiding Legislation/Policy Drivers
Senate Bill 372 (Leyva) was approved in 2021 and directs CARB to develop and administer the Medium- and Heavy-Duty Zero-Emission Vehicle Fleet Purchasing Assistance Program with CPCFA, and to make financing tools and non-financial supports available to the operators of medium- and heavy-duty vehicle fleets to fully enable the shift of their fleets to zero-emission. A combination of financial and non-financial tools is needed to support the many different sizes and sectors of fleets in the industry. The Zero-Emission Truck Loan Pilot Project fits within the larger goals of this bill.
Project Funding/Allocations/History
An initial funding allocation of $5 million in the FY 2022-2023 funding cycle was provided for the new Zero-Emission Truck Loan Pilot Project. In addition, staff anticipates additional funding will become available through the gradual recapture of excess funds from the legacy Truck Loan Program.
Project/Policy Changes
The program launched May 1, 2024.