Illinois EV Tax Incentives and Benefits

 

We understand if you're not currently up to date with the benefits that are associated with EVs. So, to fill in the gaps, we at Heritage Cadillac would like to review some of the tax incentives and advantages that these advanced rides come paired with. If you ultimately decide that you'd like to make the switch from traditional gas engines, check back in with us during our business hours to learn about Cadillac's upcoming EV, the LYRIQ.

Is An Electric Vehicle Right for You?

With the recent advancements in battery efficiency and power, EVs are more capable than they've ever been before. Because of that, they meet the requirements of more individuals, from folks who need towing capacity to commuters who simply want to bypass the rising cost of fuel. All that is to say is that there is likely an EV out there for you! Generally speaking, these types of autos fall within a driving range of 200 to 300 miles, allowing you to get the tasks of the day complete without having to recharge. Better yet, with the many stations popping up throughout the country, you can be sure you can take long journeys without worrying about whether you'll have a location to go to charge your ride up.

Illinois and Federal Tax Incentives

As if all the aforementioned benefits didn't get you excited enough, we at Heritage Cadillac have even more for you to consider when it comes to purchasing an EV-tax incentives. On the federal level, you're entitled to receive up to $7,500 in tax credits. However, this amount will be based on the capacity of the battery. In addition to that, you may also apply for a rebate from the state of Illinois. The period for application will begin early July 2022 and provide a $4,000 rebate. To take advantage of these savings, you'll have to retain ownership of the vehicle in question for a minimum of 12 months and submit your application within 90 days of purchasing your ride.

Cadillac EVs

While there aren't any Cadillac EVs on the market just yet, this manufacturer has something big in store for the future-the 2023 LYRIQ. This ride will provide the all-electric power you crave, boasting 300 miles of range¹ on a full charge. Thanks to the fact that it can accept both Level 2 and DC Fast charging, you can power up at home or when you're out and about. By choosing the latter, you can get up to 76 miles of range in just 10 minutes of charging². Best of all, it's supposed to be able to rev out 340 horsepower³ and 325 lb.-ft. of torque³.

We can answer your questions regarding the Cadillac LYRIQ or Illinois EV tax incentives and benefits when you call our team at Heritage Cadillac at your earliest convenience.

Disclaimers:

**This information provides a summary of some benefits and incentives and should not be your only source of information for making decisions about vehicle purchases, taxes, or other binding agreements. Please refer to federal and state contacts to verify these benefits and incentives are still applicable, and consult your tax advisor. 

1. Based on GM testing. EPA estimates not yet available. Actual range will vary based on several factors, including temperature, terrain, battery age, loading, use and maintenance.

2. Actual charge times will vary based on battery starting state of charge, battery condition, output of charger, vehicle settings and outside temperature.

3. Based on GM testing.