Illinois Continues Investment into Electric Vehicles
The race is on for Illinois consumers looking to get a $4,000 taxpayer-funded rebate for buying an electric vehicle. Gov. J.B. Pritzker’s administration announced the start of Illinois’ Electric Vehicle Rebate Program that brings about a $4,000 rebate for consumers that buy an electric car and a $1,500 rebate for electric motorcycles. The program is a part of a $17.9 million taxpayer-funded plan to pay for rebates on electric vehicle purchases. The deadline to apply is Sept. 30. Applications are available at a state website. Pritzker discussed his plans for EV in Illinois during his state budget address back in February.
Last month, Ameren Illinois issued a letter to customers saying there could be sizable rate hikes this summer. The average Ameren customer is expected to see a price increase of over $50 a month. Governor JB Pritzker said his plan is about bringing jobs to Illinois.
“With our nation-leading rebate program, it’s never been more affordable for Illinois residents to buy and drive an electric vehicle,” said Pritzker. “From these $4,000 rebates to our workforce development programs to help coal communities move into clean energy jobs, we are laser-focused on making Illinois a leader in addressing climate change and ensuring no community is left behind.”
Pritzker plans to have over 1 million electric vehicles in Illinois by 2030. The Wall Street Journal reported J.D. Power averaged the average price of an electric vehicle at $54,000. As of July 1, 2022, the EV Rebate Fund has a balance of $17,909,043.51. After the application period closes, rebates will be issued to eligible applicants based on funding availability. Requirements to be eligible for an EV rebate in Illinois include:
- The purchaser must reside in Illinois at time of vehicle purchase and at the time the rebate is issued.
- The vehicle must be purchased from a dealer licensed by the Illinois Secretary of State.
- Rented or leased vehicles do not qualify for the rebate.
- The rebate amount cannot exceed the purchase price of the vehicle.
- The purchaser must retain ownership of the vehicle for a minimum of 12 consecutive months immediately after the vehicle purchase date.
- The purchaser must apply for the rebate within 90-days after the vehicle purchase date.
- Documentation requirements include a copy of purchase invoice, proof of purchase, vehicle registration, and IRS W-9 or W-8 forms.
- Illinois EPA will prioritize applications from purchasers whose income does not exceed 80% of the state’s median income, or around $54,000.