Tax incentives and/or other incentives for drivers of electric vehicles in Loami.
The owner of a dedicated EV may register for a discounted registration fee not to exceed $35 for a two-year registration period. The registration fee for an EV may not exceed $9 per year. To qualify for the reduced fee, the EV must weigh 8,000 pounds or less and be propelled by an electric engine. For more information, including the application documentation, see the Electric Vehicle License Plate Guide website. (Reference 625 Illinois Compiled Statutes 5/3-805)
Vehicles powered exclusively by electricity are exempt from state motor vehicle emissions inspections. For more information, see the Illinois Environmental Protection Agency's Vehicle Emissions Testing Program website. (Reference 625 Illinois Compiled Statutes 5/13C)
Cooperative (Co-op) members are eligible for loan financing at 0.5% for 60 months or the purchase of new PEVs. Members must apply and be approved for financing before purchase. The Co-op also offers a PEV time-of-use electricity rate for residential customers who own PEV. The PEV rate is optional and does require installation of a separate meter. For more information, see the Illinois Electric Cooperative website.
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