When you start to hear buzz words, you know there’s something interesting going on. Lately, traders on Wall Street have been talking about electric vehicle (EV) charging equipment companies like ChargePoint (NYSE:CHPT) as the “infra” (infrastructure) bill is in the headlines. So, is it time to consider a position in CHPT stock?

To me at least, “infra bill” is more than just a catch phrase. It’s a phenomenon that’s bound to change U.S. policy towards clean energy for years, and maybe even the rest of the 2020’s.

It’s pretty rare, nowadays for both chambers of Congress and President Joseph Biden to agree on anything. Yet, somehow, they pulled their act together long enough to pass a bill with far-reaching implications.

These implications will touch the economy and the ecology of the U.S. and, perhaps, the rest of the world. At the same time, they’ll likely have an impact on ChargePoint’s bottom line, but in a good way.

A Closer Look at CHPT Stock

When we check on the recent history of CHPT stock, it’s clear that the stock is still reasonably priced.

Consider that the 52-week range of the ChargePoint share price is between $17.60 and $49.48.

Furthermore, during the summer of 2021, the stock pushed above the key resistance level of $35.

In other words, CHPT stock has plenty of room to move up. As of mid-November, the share price was in the $20’s.

If you’d rather be patient and wait for a further pullback, that could be a viable strategy. $20 would be as good a buy target as any.

This year, CHPT stock touched $20 in March, April, May and October. Each and every time, it bounced from there (though not always immediately).

Thus, it’s not a bad idea to set your buy price and just let the stock come down when it’s ready. You can’t rush the process, and as they say, the waiting’s the hardest part.

A Momentous Occasion

It was a long time coming, and it finally happened.

Valued at more than $1 trillion, the well-documented infrastructure bill was recently signed into law by the U.S. President.

Not every part of the bill is directly relevant to ChargePoint. For example, $47 billion will be set aside for climate resiliency.

That’s still pertinent to the clean-energy movement in general, though, so CHPT stock holders can still applaud this provision.

$73 billion for the electricity grid, to include upgrades to U.S. power systems which will help the grid carry renewable energy, among other things

Another $21 billion will be allocated for environmental projects, primarily related to cleaning up pollution/waste.

Again, we can discern a definitive push for clean-energy policy here.

Here’s Where ChargePoint Gets Charged Up

So far, so good. However, I saved the best part for last.

Here’s where it gets really interesting for CHPT stock investors. According to the provisions of the “infra bill,” $7.5 billion will be spent on electric vehicles.

This includes increasing the availability of charging stations across the U.S., in advancement of Biden’s pledge to build 500,000 stations nationwide.

If that doesn’t get you charged up, I don’t know what else would.

This is all happening during a turning point in the history of EV’s. Reportedly, auto companies aim to increase their EV production 5- or 10-fold by the middle of the next decade.

With the passage of the infrastructure bill into law, investors now have confirmation that the government supports the build-out of a nationwide network of EV charging stations.

And that, without a doubt, is terrific news for ChargePoint and the company’s stakeholders.

The Bottom Line

“Infra bill” is a phrase you might hear a lot for the remainder of 2021.

However, you don’t need to get caught up in buzz words. There are serious issues being addressed here.

Besides, CHPT stock is still fairly cheap.

Therefore, don’t miss out an a buying opportunity as the government is finally passing legislation that could have a positive impact, including benefits for ChargePoint investors.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.