ILLINOIS ELECTRIC VEHICLE REBATE PROGRAM FUNDING RAN OUT! WHAT DOES THIS MEAN?

EV Channels Review

The Illinois Electric Vehicle Rebate Program, initially funded with over $17.9 million, has exhausted its budget just six months after launching on July 1st, 2022. This means many applicants, particularly non-low-income buyers, will likely be denied despite meeting all criteria. The program offered a $4,000 rebate for new or used Battery Electric Vehicles (BEVs) and plug-in hybrids, and $1,500 for electric motorcycles, with priority given to low-income applicants. While the program was designed to run for a decade with tiered rebate amounts, the current funding shortfall raises concerns about future availability within the 90-day application window from the date of purchase. The reviewer emphasizes that while additional funding is expected, there's no guarantee it will be allocated in time for those who have recently purchased or plan to purchase an EV. The video also touches upon the complexities of the federal EV tax credit, particularly changes brought by the Inflation Reduction Act, and the potential to stack state and federal incentives, though the limited windows for eligibility are highlighted.