With the price of gas soaring, it might be time to look into buying an electric vehicle. And the cost might be more affordable than you may think. LX News storyteller Eric Rodriguez talks to experts to find out how the purchase price, incentives, and charging costs break down.
Sure, it costs to have a car. But the state of Illinois may end up paying you up to $4,000 to own one.
The catch? It's got to be 100% electric.
The Illinois Environmental Protection Agency on Tuesday announced a "second funding cycle" for the state's Electric Vehicle Rebate Program, a plan that offers those who purchase an all-electric vehicle the chance to get a rebate worth up to $4,000.
The program, Illinois Gov. J.B. Pritzker said in a tweet, is part of the state's plan to "put 1 million electric vehicles on the road by 2030."
According to the rebate program, a new application cycle opened on Nov. 1. It runs through Jan. 31, 2023.
Here's a breakdown of how to find out if you're eligible for a rebate, how much you could get, how to apply, what deadlines to be aware of and more.
Who in Illinois is Eligible to Receive an EV Rebate?
Local
According to the IEPA, "Illinois residents that purchase or have purchased a new or used all-electric vehicle from an Illinois licensed dealer" are eligible for an EV rebate. However, there are limitations.
Here's what those are:
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly> Chicago Catch-Up newsletter.
- The date you purchased the vehicle, and when you applied for the rebate: "Purchasers must apply for the rebate during an open rebate cycle and within 90-days of vehicle purchase" the IEPA says.
- Where you purchased the vehicle: "The vehicle must be purchased from a dealer located in Illinois and licensed by the Illinois Secretary of State."
- Whether you've gotten an EV rebate before: "The vehicle cannot have been the subject of a previous EV rebate under this new program in Illinois."
- The rebates are for people, not businesses: "Only individuals can receive a rebate, " the IEPA says. "Businesses, government units, organizations, and other entities that are not individuals will be denied a rebate. Applicants must ensure that all documentation is in the name of the individual applying for the rebate and do not include or list an entity, (i.e. LLC) as the purchaser or co-purchaser of the vehicle or the vehicle registrant."
- How much the vehicle cost: "The rebate amount cannot exceed the purchase price of the vehicle."
Additionally, "the purchaser must retain ownership of the vehicle for a minimum of 12 consecutive months immediately after the vehicle purchase date," the IEPA says.
Finally, rented or leased vehicles do not qualify for the rebate.
Do I Qualify if I Have a Plug-in Hybrid?
No.
The IEPA states that "The Electric Vehicle Rebate Act defines 'electric vehicle' as a vehicle that is exclusively powered by and refueled by electricity, must be plugged in to charge, and is licensed to drive on public roadways. 'Electric vehicle' does not include electric mopeds, electric off-highway vehicles, or hybrid electric vehicles and extended-range electric vehicles that are also equipped with conventional fueled propulsion or auxiliary engines."
How Much Money is the Rebate Worth?
Rebates are issued in one of two amounts:
- A $4,000 rebate for the purchase of an all-electric vehicle that is not an electric motorcycle
- A $1,500 rebate for the purchase of an all-electric motorcycle
How to Apply For the Rebate
According to the IEPA, four forms of documentation must accompany an application:
- Copy of the bill of sale, purchase invoice, or purchase agreement from an Illinois dealership
- Documentation of proof of purchase (could include loan documents, signed purchase agreement, etc.)
- Copy of the Illinois vehicle registration or temporary permit provided by the dealership at the time of sale/delivery
- IRS W-9 or W-8 form
The IEPA is asking applicants to only submit the four forms as listed above, and to not include any other items like warranty coverage, insurance or vehicle title.
Is There a Deadline?
"The rebate application must be postmarked within 90 days of the vehicle purchase date," the IEPA says.
Additionally, applications must be printed, mailed, and postmarked on or before the end of the rebate cycle -- which in this case, is Jan. 31, 2023.
When and How Are the Rebates Delivered?
According to the state, the rebates will be in the form of a mailed check from the Illinois Comptroller.
And, the IEPA says, it may take awhile. "The rebate check may arrive to you up to several weeks after the close of the funding cycle," the state says.
Applicants can see if a rebate has been mailed to them here.
If applications are denied for any reason, applicants will receive a denial letter.
How Much Money Does the Program Have to Fund Rebates?
According to IEPA, the state anticipates having $9.7 million available. Once those funds are exhausted during an open rebate cycle, no more rebates will be issued.
What Happens If I Get Denied?
If a rebate is denied for any reason, a denial letter will be sent to the applicant.
Depending on the reason, the applicant may be able to re-apply for a rebate.
More questions about the program are answered here, and the program website can be found here.
