Illinois To Offer Up $4,000 Rebates For Buying An Electric Car
I was surprised to learn that there are over 10 million electric vehicles (EVs) currently on the roads across the United States. Illinois governor JB Pritzker has a goal of adding one million EVs to Illinois' highways by 2030.
I'm sure this guy is pumped about that idea:
Rebates And Tax Credits Are Being Offered To Push You Toward An EV
Those rebates and credits begin with the federal government and have been picked up by the states in the hopes of getting more people away from the internal combustion engine and into the world of electric vehicles.
The U.S. Department of Energy:
“All electric and plug-in hybrid vehicles that were purchased new in or after 2010 may be eligible for a federal income tax credit of up to $7,500."
Here in Illinois, Governor JB Pritzker, as part of the recently passed Clean Energy Bill, has promised rebates of $4,000 to Illinois residents who buy themselves an electric vehicle.
Will You Actually Get A $4,000 Rebate And A $7,500 Federal Tax Credit?
The answer to that question is a firm sort of. The federal tax credit is not a one size fits all tax credit. Electrek.co writer Scooter Doll breaks down some of the fine print:
In reality, the amount you qualify for is based on both your income tax as well as the size of the electric battery in the vehicle you own. For example, if you owned a Nissan LEAF and owed say, $3,500 in income tax this year, then that is the federal tax credit you would receive. If you owed $10,000 in federal income tax, then you would qualify for the full $7,500 credit.
What Are EV Purchase/Rebate Stipulations Here In Illinois?
The EV rebate is set to go into effect on July 1st, 2022. Stipulations tied to the rebate require that an owner keeps the EV for 12 months, to register the vehicle and to live here in Illinois for that year. Buyers will also be required to apply for the credit within 90 days of purchasing their vehicle and, here's the interesting part, those rebates are restricted to customers whose average income doesn’t exceed 80 percent of the area’s median income.