ComEd announces $90M in EV funding at Chicago Drives Electric [part 1]

Illinois utility ComEd kicked off the Chicago Drives Electric event with a $90 million bang, featuring a new Point of Purchase initiative to deliver instant discounts to qualifying business and public sector customers who make the switch to electric vehicles.

Chicago Drives Electric kicked off this morning with a media and industry day event sponsored by industry analysts CDK Global and the local electric utility, ComEd. The event is open all weekend long, and enables Chicago area car buyers to experience the hottest new EVs on the market without necessitating a high-pressure trip to a car dealer.

Now in its second year, Chicago Drives Electric has grown significantly — but that $90 million ComEd rebate program is the day’s big news. The utility’s Beneficial Electrification initiative is designed to provide more certainty around the total costs of converting commercial fleets to battery electric power, and is backed by a growing collaboration of more than 30 Illinois car and truck dealers, OEMs, and other local EV and auto industry stakeholders.

“Making the switch to electric vehicles shouldn’t be a challenge, which is why ComEd is committed to offering resources, tools and programs to remove barriers to EV adoption,” said Melissa Washington, Senior Vice President of Customer Operations at ComEd (at top). “… we launched our EV rebate program to help make it easier for customers to make the switch to electric vehicles. The new Point of Purchase EV rebate initiative, and the ability to provide instant rebates to fleet customers, is a necessary continuation of our original offering to make widespread fleet electrification more achievable.”

The Point of Purchase is the latest initiative by ComEd to help make the transition to EVs easier across northern Illinois — and not just easier, but more equitable, too.

That commitment to environmental equity means that half of ComEd’s nearly $90 million in available rebate funds will go to EIEC and low income communities, and in higher amounts.

Recognizing that upfront purchase cost is still a significant barrier to EV adoption, the Point of Purchase initiative will help more commercial customers – including businesses of all sizes, and public sector customers — to qualify for fleet vehicle purchase rebates ranging from $5,000 to $180,000 per vehicle at the time of purchase (rebate amounts depend on vehicle type, with Class 1 and 2 vehicles qualifying for a base rebate of $5,000, and rebates climbing up to medium-duty box trucks up through Class 8 electric semi trucks and on to transit and school buses > 35‘).

“ComEd’s commitment to advancing transportation electrification and supporting customers through every step of their fleet electrification journey is reinforced by this new initiative. At this juncture in electrification efforts, affordability is crucial, and this program makes it easier for businesses to electrify their fleets,” said Brian Robb, Director of Government Relations at Lion Electric. “As a member of the ComEd Point of Purchase network, (Lion is) looking forward to further increasing widespread EV adoption in northern Illinois.”

To obtain an instant rebate through the ComEd Point of Purchase initiative, fleet vehicle operators must coordinate the purchase of an EV through one of the approved dealerships or manufacturers in the ComEd Point of Purchase network (here’s a list of those). The dealership will then submit the necessary rebate voucher application, enabling the customer to purchase their new electric vehicle at a reduced rate.

And, yes: buyers can stack the ComEd rebate along with other federal and state rebates, covering up to 100% of the cost of a new EV.

Chicago Drives Electric runs all weekend long, and is part of the Chicago Auto Trade Association’s celebration of national Drive Electric Week.

Electrek’s Take

The higher initial cost of EVs is often cited as the number one barrier to adoption, but the same could be said of a Rolex wristwatch. That is to say, higher prices don’t make things less appealing, just harder to buy — and programs like ComEd’s, which are lowering that barrier to entry to fleets that want to electrify, are big enough to move the needle.

Here’s hoping every bus and truck fleet in the region takes them up on their offer.

SOURCE | IMAGES: ComEd; images by the author.