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The Commerce Commission, Re, IEPA and the ICC all have a hand in making this happen, and they should, too. But there is still a way to go before the rebate funds run out. In the meantime, here are some things to consider. The number of electric vehicle purchases in Illinois is expected to top 20,000 this year. But EV rebate funds are limited, and they will run out eventually.
RE
In a move aimed at stimulating interest in alternative modes of transportation, the state of Illinois is offering rebates for electric vehicle buyers. The program began as a means to make electric vehicles more affordable for people in low-income areas, which may benefit most from the long-term cost savings. Moreover, low-income areas are often located in urban areas where air quality is problematic. The state hopes to boost electric vehicle sales by offering the rebates to as many Illinois residents as possible.
IEPA
The Illinois Environmental Protection Agency (IEPA) has announced that it will offer rebates to electric vehicle buyers in Illinois. The rebates will be worth $1,500 per vehicle, and must be applied for within 90 days of purchase, leasing, or registration in the state. The rebates are not transferable and may not exceed the price of the vehicle. Further, some types of electric vehicles are not eligible for the rebates.
ICC
General Motors is doing everything it can to put the Bolt EV/EUV battery fire recall behind it. In addition to replacing batteries free of charge on all 141,000 affected vehicles, it is lowering the price of the Bolt EV and EUV by over $6,000 to $26,595 and $28,195, respectively. On top of that, Chevrolet is now offering rebates to buyers who pay more than $20,199.
Commerce Commission
The state of Illinois is moving closer to finalizing rules for an electric vehicle rebate program. The incentives will start in July and run for up to seven years, but they could end before then. The rebate program, which was part of the Climate and Equitable Jobs Act signed into law last year, is intended to encourage people to purchase electric vehicles. The program is likely to help promote electric vehicles, but it may end up costing the state money.
Level 2 stations
The Illinois Environmental Protection Agency is set to offer rebates for buyers of electric vehicles beginning in 2022. The rebates will cover up to 80 percent of the costs of installing electric vehicle charging stations. These incentives are particularly beneficial to low-income communities and areas with poor air quality. In addition, they are intended to provide incentives to low-income buyers. Interested buyers should apply for the rebate within 90 days of the purchase of their vehicle.
Requirements for EV rebates
The electric vehicle rebate program in Illinois is coming soon. The law was first pitched as an effort to encourage more low-income families to buy electric vehicles. Moreover, communities in areas with poor air quality may be well-positioned to benefit from the long-term cost savings that EVs provide. As of right now, the Illinois renewable energy bill has passed the Illinois General Assembly, and Governor Pritzker intends to sign it into law.
IEPA priority for low-income applicants
The Illinois Energy Policy Act (EPR) allows for the government to provide rebates to Illinois residents for their purchase of a new or used electric vehicle. However, the rebates are only available for electric vehicles purchased after July 1, 2018. These vehicles must be purchased from a dealer, not leased or rented. The rebate can’t exceed the cost of the vehicle, so it is important to apply early and submit proof of purchase to get the maximum rebate amount.