Electric Vehicle Savings and Incentives

2024 Electric Vehicle Tax Credits

Beginning January 1, 2024, EV buyers can transfer the federal EV clean vehicle tax credit to a qualified, participating dealer when purchasing, turning the credit into an immediate discount. At the time of sale, a seller must give you information about your vehicle's qualifications. Sellers must also register online and report the same EV purchase information to the IRS. If they don't, your vehicle won't be eligible for the credit. Here is a handy list of federal tax incentives to keep in mind:

• New Plug-in and Fuel Cell Electric Vehicles Purchased in or after 2023: Get a tax credit of up to $7,500
• Used Plug-in and Fuel Cell Electric Vehicles Purchased in or after 2023: Get a credit of up to $4,000 for used vehicles purchased from a dealer for $25,000 or less
• New Plug-in and Fuel Cell Electric Vehicles Purchased Before 2023: Get a tax credit of up to $7,500
• Electric Vehicle Recharging Property Placed in Service in or after 2023: Save up to 30% off the cost of installing EV charging

Other Cost Considerations

All vehicles must be registered with the Illinois Department of Motor Vehicles. Since EV drivers no longer pay gasoline tax at the pump, Illinois requires an annual fee of $100 to support road maintenance. Listed below are the associated fees for securing an EV license plate as of December 2020: