Illinois has greenlit a $4,000 incentive per electric vehicle, bringing down upfront costs for prospective buyers who want to capitalize on the long-term perks associated with EVs.
As reported by Crain's Chicago Business, the incentive program was passed in 2021 as part of the Climate and Equitable Jobs Act, and the money allocated for EV rebates varies each fiscal year. Buyers may be able to combine the state incentive with the $7,500 federal tax credit toward qualified EVs, though that program could be reduced or eliminated entirely.
President Donald Trump made it known he intends to roll back the Inflation Reduction Act, and new U.S. Secretary of Transportation Sean Duffy suggested that changes to transportation taxation could be around the corner, as gas and diesel taxes heavily fund federal road projects. Congress could act to make changes to the IRA.
|
If you were going to purchase an EV, which of these factors would be most important to you? Click your choice to see results and speak your mind. |
Cost 💰 Regardless, EVs are booming in popularity, with Cox Automotive data showing sales jumped 49% in 2023 before growing another 7% last year, according to the report.
This trend isn't only helping drivers save money on gas and maintenance in the long term but also reducing planet-warming pollution associated with respiratory diseases, premature death, and more intense extreme weather.
However, even though increased competition is one of the factors bringing more affordable options to the EV market, many buyers cite high upfront prices as one of the reasons why they haven't transitioned to the more eco-friendly vehicles, per the Associated Press.
Hawk Auto Group CEO John Crane told Crain's that Illinois' incentive is "icing on the cake compared to the federal incentive" and could encourage more drivers to try EVs.
"A lot of these cars that are priced at $60,000 have almost 20% incentives, when you put together state, federal and manufacturers. Each one is a key component," Crane said.
Applications for EV rebates opened Jan. 21 and can be submitted through the end of April.
Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
TCD Picks » Quince Spotlight
💡These best-sellers from Quince deliver affordable, sustainable luxury for all
Cool Picks
