Illinois State Treasurer Alexi Giannoulias has officially announced a new program that will hopefully encourage more Illinois residents to purchase hybrid vehicles.
The $2 million “Green Rewards” program was announced Sunday and it will give hybrid car owners a $1,000 rebate for driving energy efficient vehicles. Households with one or more hybrid cars will get $1,000 for each vehicle.
The state hopes that this will make hybrid vehicles more affordable for individuals and families. The money would also help with the ever-soaring gas prices and decrease dependence on foreign oil.
In an official statement released by the State Treasurer’s office, Alexi Giannoulias said “hybrid cars use less gas, but they cost more upfront…this will help them recoup their investment faster while they save money at the pump.”
To create the Green Rewards program, the state created alliances with local banks and credit unions through all areas of Illinois. At first, the program is predicted to be available to about 2,000 car buyers state-wide.
While the program is limited, Giannoulias stated that he would consider expanding the program if there was a high demand for rebates. Expanding the program would include putting more cars and buyers into the program.
When it comes down to it, the state hopes that the program will put less damaging pollutants and greenhouse gases into the air. The rebate would be helpful because hybrid cars can cost anywhere between $1,200 to $10,000 more that gasoline-powered cars.
To promote the program and American-made hybrid cars, State Treasurer Giannoulias will travel the state in his Ford Escape hybrid.
However, as previously stated, the rebate is not available to everyone. You must be an Illinois resident purchasing an energy-efficient vehicle and receive financing from a participating bank or credit union. Luckily there are no income or price restrictions.
Eligible vehicles include:
Ford Escape (2WD and 4WD)
Mercury Mariner (2WD and 4WD)
GMC Sierra (2WD and 4WD)
Chevy Silverado (2WD and 4WD)
Saturn Aura Greenline
Saturn Vue Greenline
Honda Insight CVT
Toyota Highlander (2WD and 4WD)
Lexus Rx400h (2WD and 4WD)
Lexus GS 450h
Mazda Tribute (2WD and 4WD)
How to apply:
1. Apply for a loan at a participating financial institution. If your preferred bank or credit union is not a current participant, ask your lender to sign up for the program by calling (217) 782-2072.
2. Your financial institution will complete and submit an application for deposit.
3. The application will be reviewed by our Banking Division for approval.
4. The approved financial institution will give you the rebate when the sale is complete.