Illinois State Tax Incentives for Purchasing a Used EV
Illinois offers several state tax incentives and rebates for purchasing used electric vehicles (EVs). In addition to state incentives, there are also utility-specific programs and other rebates that help make EVs more affordable. Below is a comprehensive list of these incentives:
1. Illinois Electric Vehicle Rebate Program
The state of Illinois offers a rebate for the purchase of an electric vehicle. While this rebate has historically focused on new EVs, used EVs may also qualify for certain rebates depending on the program's terms. It's important to review the latest information on the Illinois Environmental Protection Agency's website.
For more information, check here.
2. Utility Company Rebates
Several utility companies in Illinois provide incentives for installing home EV charging equipment, which can indirectly reduce the total cost of owning a used EV. These rebates help offset the costs associated with installing chargers for electric vehicles at home.
- ComEd (Commonwealth Edison): ComEd offers rebates and incentives for customers who install EV charging stations at home. They also provide Time-of-Use rates, which encourage charging your vehicle during off-peak hours to save on energy costs. For more information, check here.
- Ameren Illinois: Ameren Illinois offers incentives for residential customers who install Level 2 charging stations, providing rebates that can lower installation costs. For more information, check here.
3. City and Regional Rebates
Certain cities or regions in Illinois may have additional incentives for EV buyers. Checking with local municipalities is advised to see if they offer rebates or incentives for purchasing a used EV.
- Example: The Chicago Department of Transportation may have localized incentives or discounts.
4. Reduced Vehicle Registration Fees
Illinois offers reduced registration fees for electric vehicles compared to conventional gasoline-powered vehicles. This can result in long-term savings for used EV owners.
For more information, check here.
5. Charging Infrastructure Incentives
Illinois provides financial support for building out EV charging infrastructure. While primarily aimed at businesses, some programs might extend to residential areas or multi-family dwellings where EV owners live.
For more information, check here.
Be sure to check the specific eligibility criteria for each incentive, as they may change based on the program's funding availability or the type of electric vehicle purchased.
