Complete List Of Chicago’s Residential EV Charging Stations Incentives

The electric vehicle (EV) revolution is gathering pace, and Illinois is taking strides to ensure its residents can smoothly transition to clean transportation. Today, we will tell you how to save money while switching to eco-friendly transportation with residential EV charging stations.

We’ll delve into the positive outlook fueled by the Electric Vehicle Charging Act and the REV Illinois Program. Read on to learn about all possible EV charging station incentives in Chicago, IL.

Understanding the Importance of Residential EV Charging in Chicago

Electric cars are becoming an increasingly popular means of transportation in Chicago. However, the city still lacks the infrastructure to power a constantly growing amount of vehicles. That’s why the city government recently started providing EV charging station installation incentives to encourage citizens to install their own chargers.

This decision helps to increase charging convenience and reduce range anxiety. A home EV charger eliminates frequent trips to public charging stations and saves you time and money in the long run. On top of that, you don’t need to pay charging fees to network chargers.

Plug your car into the EV charging station overnight and wake up to see the full battery. This easy action saves you money in the long run, as home electricity rates are usually lower than public EV charger fees. It will also combat range anxiety, also known as the fear of running out before reaching a charger. This way, you can always power a car at home with the best EV chargers.

Getting the right EV charging station in Chicago, IL, can be a breeze! Fill out this form to get a solar quote and learn about high-quality commercial and residential EV charging options.

However, the true environmental benefit of EV residential charging stations comes from charging them with clean energy sources. By charging at home, you can use energy from your solar system to minimize the environmental impact of your transportation.

As residential EV charging station adoption rises, homes with built-in charging stations and solar systems become more desirable to potential buyers or renters.

Exploring Government Incentive Programs for Residential EV Сharging Stations

Multiple government programs promote the placement of electric car chargers around the city. Here are some of the biggest EV charging station incentives in the Chicago, Illinois area that may help you save money:

Federal Tax Credit

Tax credits are available in two tiers. Tier 1 credits are offered to EV, EV components, and EV charging station manufacturers investing no less than $20 million and generating at least 50 new jobs in Illinois over four years. Tier 2 credits are available to EV manufacturers investing $1.5 billion, $300 million, and $500 million and retaining or creating a specified number of jobs. See the U.S. Department of Energy website for more information

IEPA Grant

The Illinois Environmental Protection Agency (IEPA) has made transportation electrification subsidies available.
Rebate awards can pay up to 80% of qualified project costs. Additional incentives are offered for EV charging stations installed in underserved or environmental justice communities. See the IEPA Climate and Equitable Jobs Act website for more information.

Electric Fleet Conversion

The following are some incentives to convert your fleet to electric:

The IEPA encourages car buyers to convert to environmentally friendly options by offering additional discounts. Being an Illinois resident is a must to acquire a new or used EV. Timeframes, conditions, and rebate amounts are the following:

• July 1, 2022 – June 30, 2026       $4,000
• July 1, 2026 – June 30, 2027       $2,000
• Beginning July 1, 2028                  $1,500
• Purchase of electric motorcycle  $1,500

See the IEPA EV Rebate website for more information.

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Federal Tax Credits

The Inflation Reduction Act (IRA) introduced significant tax credits to incentivize electric vehicle ownership and charging infrastructure. The two most common federal stimuli are clean vehicles and residential EV charger tax credits. 

Clean Vehicle Tax Credit applies to new, qualified plug-in electric vehicles (EVs) and fuel cell electric vehicles (FCVs) purchased in 2023 or later. It offers a credit of up to $7,500, depending on the vehicle’s battery capacity. You claim the credit when you submit a federal income tax return. 

You can qualify for this program if you buy a car with at least 7 Kw/H capacity for personal use and use it primarily in the U.S. Your modified adjusted gross income (AGI) must not exceed:

• $300,000 for married couples filing jointly
• $225,000 for heads of households
• $150,000 for all other filers

The seller must report the required information to you and the IRS so you can claim the credit. At the same time, the vehicle’s MSRP cannot exceed $80,000 for vans, SUVs, and trucks or $55,000 for other vehicles. 

The second residential tax credit is the residential EV charger tax credit. It’s available to those who purchase and install home EV chargers between 2023 and 2032. This incentive for electric vehicle charging stations covers up to 30% of the total cost, including installation, up to $1,000. 

 

Currently, there are no income restrictions for the federal residential EV charger tax credit. However, you can apply for this EV charger installation incentive only if you live in rural or low-income areas. 

Illinois Manufacturing Tax Credit applies to the manufacturers of EVs, EV components, and EV charging stations that meet specific investment and job creation requirements. It is offered by the Illinois Department of Commerce and Economic Opportunity. 

Credits are tiered based on investment amount and job creation. You can claim them starting January 1, 2025. There are two tiers, each targeting different investor levels. 

Tier 1 is open to companies investing at least $20 million and creating 50 new jobs within 4 years. Meanwhile, Tier 2 (The Big Boost) targets even larger investments:

• EV manufacturers: minimum $1.5 billion investment, creating 500 jobs within 5 years
• EV component makers: minimum $300 million investment, creating 150 jobs within 5 years
• Companies converting facilities for EV production: minimum $500 million investment, retaining 800 existing jobs within 5 years

IEPA Grants

Source: IEPA

Check the Illinois Environmental Protection Agency (IEPA) site before you install public EV charging in Chicago. This agency offers various small grants to make eco-friendly switches more affordable. As of March 2024, they’ve already provided more than 2,000 small grants to Illinois residents. 

IEPA grants are open to public and private entities, including businesses, municipalities, and non-profit organizations. They can partially cover installing and maintaining publicly available Level 2 and 3 electric charging stations. In some cases, rebate awards can cover up to 80% of eligible project costs. Check the Charging Infrastructure Grant Program, 35 Ill. Adm. Code 285, for program rules.

Electric Fleet Conversion

Electric fleet conversion refers to transitioning a fleet of vehicles, typically used for business purposes, from gasoline or diesel to electric models. IEPA encourages regular car buyers to switch to eco-friendly alternatives with additional rebates. You must be an Illinois resident and purchase a new or pre-owned EV.

Source: Alternative Fuels Data Center

You should apply for this incentive within 90 days of the purchase or lease signing. Ensure that your car is registered in Illinois. If you register in another state, you can’t apply for this stimulus. The rebate amount cannot exceed the vehicle’s purchase price. Low-income applicants receive priority funding.

Except for residential incentives, the Illinois Department of Commerce and Economic Opportunity (DCEO) invests in the installation and maintenance of commercial EV charging stations, especially near highways. The Illinois Department of Transportation (IDOT) performs the National Electric Vehicle Infrastructure (NEVI) program. It provides $148 million over 5 years to Illinois to establish a public EV chargers network.

Illinois has recently become a signatory to the REV Midwest memorandum of understanding. This agreement aims to promote the adoption of electric vehicles in the Midwest region and has already been signed by Indiana, Michigan, Minnesota, and Wisconsin. One of the key objectives of the REV Midwest MOU is to establish an electric vehicle charging network across the region, making it convenient for residents to travel between states without worrying about recharging their electric cars.

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Selecting the Right EV Charging Station for Your Home

Switching to an electric vehicle (EV) is an exciting step towards a cleaner future. An EV charging station for residential usage helps ensure you’ll always have a place to charge your car. We understand that it’s an overwhelming process, that’s why we gather multiple key factors to consider while installing an EV home charger:

Maximizing Cost Savings with Residential EV Charging Station Installation Incentives

Switching to electric cars is a wise choice for the environment, but it can also be a smart financial move. Coupled with home charging, you can significantly reduce your transportation costs.

Ensure you’ve applied to every possible incentive for car charging stations, from federal to local ones. Look for local stimuli for your area. Most of them last only a few months or weeks, so it’s impossible to cover them all. Ask your local municipality if they have electric car charger installation incentives.

Use solar panels to produce eco-friendly power, reduce your reliance on the grid, and lower electricity bills. Charge your car using the sun’s energy during the day and using the grid overnight. You can apply for Chicago solar incentives to make your eco-friendly driving switch even easier.

Future Outlook for Residential EV Charging Infrastructure in Illinois

The future of residential EV charging infrastructure in Illinois is promising. Policy initiatives, market forces, and federal incentives are all converging to create a more supportive environment for home charging.

The new Electric Vehicle Charging Act (Senate Bill 40) took effect on January 1, 2024. It requires all new single-family homes and multi-unit buildings with parking spaces in Illinois to be pre-wired for EV chargers. It eliminates the need for expensive electrical panel upgrades during charger installation, making home charging more accessible and affordable for future homeowners.

Meanwhile, the REV Illinois Program offers tax credits to manufacturers of EVs, EV components, and EV charging stations. This program indirectly benefits consumers by potentially lowering the overall cost of charging stations.

Apply for a federal tax credit and IEPA grants to get incentives on your electric car charging stations in your existing home or business. Ask your local municipality about available programs.

Looking for the best EV charging station contractors in Chicago, IL? Fill out this form to get a solar quote and learn about high-quality commercial and residential EV charging options.