Electric vehicles (EVs) are becoming increasingly popular in Illinois, and for good reason. They are environmentally friendly, low-maintenance, and cost-effective in the long run. The state of Illinois is now offering incentives to encourage the adoption of EVs. In this article, we will explore the various incentives available to Illinois residents who want to purchase or lease an EV in 2022.
Illinois EV Incentives for Purchasing or Leasing
Federal Tax Credit
One of the biggest incentives for purchasing an EV in Illinois is the federal tax credit. This credit is available to all buyers who purchase a new EV. The amount of the credit depends on the vehicle’s battery capacity and starts at $2,500 for vehicles with a battery capacity of less than 5 kWh. The maximum credit is $7,500 for vehicles with a battery capacity of 16 kWh or more. However, this credit is subject to phase-out once a manufacturer sells 200,000 eligible vehicles in the US.
Illinois Alternative Fuels Rebate Program
The Illinois Alternative Fuels Rebate Program is another incentive available to Illinois residents. This program offers a rebate of up to $4,000 for the purchase or lease of a new EV. The rebate amount varies depending on the vehicle’s battery capacity, and it is available on a first-come, first-served basis. To be eligible for this rebate, the vehicle must be registered in Illinois and be used primarily for personal or business purposes.
Illinois EV Incentives for Charging
Illinois Electric Vehicle Supply Equipment Rebate Program
The Illinois Electric Vehicle Supply Equipment Rebate Program offers rebates of up to $3,500 for the installation of Level 2 charging equipment at home or at a non-residential location. This program is available to individuals, businesses, and local governments. To be eligible for this rebate, the equipment must be installed by a licensed electrician and meet certain standards.
Charge Ahead Illinois
Charge Ahead Illinois is a program that provides funding for the installation of publicly accessible Level 2 and DC fast charging stations in Illinois. This program is available to businesses, local governments, and non-profit organizations. The funding covers up to 80% of the total project cost, with a maximum grant amount of $70,000 per DC fast charging station and $7,500 per Level 2 charging station.
Tips for Maximizing Your Incentives
Do Your Research
Before purchasing or leasing an EV in Illinois, it is important to do your research on the various incentives available. This will help you determine which incentives you are eligible for and how much you can save.
Shop Around
When shopping for an EV, it is important to shop around and compare prices. Different dealerships may offer different incentives, so it is important to do your homework and find the best deal.
Consider Used EVs
If you are on a tight budget, consider purchasing a used EV. Used EVs are often significantly cheaper than new ones, and you may still be eligible for some of the incentives available to new EV buyers.
Conclusion
The state of Illinois is offering a variety of incentives to encourage the adoption of EVs. From federal tax credits to rebates for charging equipment, there are plenty of ways to save money when purchasing or leasing an EV in Illinois. By doing your research, shopping around, and considering used EVs, you can maximize your incentives and save even more money in the long run.
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