ComEd Rebates Now Available for Pre-Owned Electric Fleet Vehicles

Rhea-AI Summary

ComEd has expanded its fleet EV rebate program to include certified pre-owned and repowered battery electric vehicles for business and public sector customers. The Pre-Owned Electric Fleet Vehicle Rebate offers between $5,000-$180,000 depending on vehicle class and customer location, with higher amounts for low-income or equity-investment eligible communities. The program aims to accelerate EV adoption in northern Illinois, supporting the state's goal of 1 million EVs by 2030. Currently, over 116,000 EVs are registered in Illinois. The initiative is part of a $90 million rebate program launched earlier this year, with more funds available in 2025.

Positive

• Significant rebate amounts ranging from $5,000 to $180,000 per vehicle
• Program expansion to include pre-owned vehicles increases accessibility
• Additional funding of $90 million for rebate programs with more coming in 2025
• Over 50% of funds reserved for low-income customers and equity-investment eligible communities

Negative

• None.

Insights

Market Research Analyst

The expansion of ComEd's EV rebate program to include pre-owned fleet vehicles represents a strategic but modest business development. While offering rebates ranging from $5,000 to $180,000 could accelerate fleet electrification, the immediate financial impact on Exelon (ComEd's parent company) is likely to be minimal relative to its $40B market cap. The program aligns with Illinois' goal of 1 million EVs by 2030 and could drive long-term electricity demand growth. However, with only 116,000 EVs currently registered in Illinois, the near-term revenue impact will be gradual. The initiative's focus on equity and low-income communities may improve regulatory relationships but isn't expected to materially affect earnings in the short term.

Rebates designed to accelerate adoption of fleet EVs for business and public sector customers

CHICAGO--(BUSINESS WIRE)-- As part of a larger investment to accelerate the equitable growth of electric vehicles (EVs) in northern Illinois, ComEd is announcing that its business and public sector fleet EV rebate program can now be utilized for the purchase of certified, pre-owned electric fleet vehicles and repowered battery electric vehicles to help reduce the costs of transitioning to electric commercial and public sector fleets.

“We want making the switch to EVs to be easy, which is why ComEd is continuing to offer more tools, resources and programs to remove barriers, like cost, from EV adoption,” said Melissa Washington, Senior Vice President of Customer Operations and Strategic Initiatives at ComEd. “As fleet electrification continues to grow in Illinois, ComEd is now offering rebates in the same amount for customers pursuing both pre-owned EV models and new EVs, which will help support a more affordable journey for the customer and accelerate the clean air benefits of widespread fleet adoption for all of our communities.”

Recognizing that the cost of new EVs is still a main barrier to EV adoption, the ComEd Pre-Owned Electric Fleet Vehicle Rebate will help more commercial customers—including businesses of all sizes and public sector customers—qualify for pre-owned electric fleet vehicle purchase rebates ranging from $5,000-$180,000 depending on the vehicle class they are purchasing and on whether the customer is located in or primarily serves a low-income or equity-investment eligible community (EIEC).

Customers interested in utilizing the fleet EV rebate program must complete a rebate application within 90 days of vehicle delivery. Through the program, pre-owned vehicles qualify for the same amounts of funding as new EVs. ComEd customers can submit rebate applications at ComEd.com/clean.

“Programs such as the newly expanded Comed Pre-Owned vehicle rebates will be instrumental in expanding access to electric vehicles across the state,” said Megha Lakhchaura, EV Officer for the state of Illinois. “Pre-Owned EVs can be a key entry point for business and public entities to adopt electric vehicles and further benefit from fuel savings. We commend ComEd for launching this program and allow more customers to make the transition to zero emission vehicles.”

Getting more zero-emissions fleet vehicles on the road is an essential component of reducing tailpipe emissions and reaching the state’s goal of putting 1 million EVs on the road in Illinois by 2030, as outlined in the state’s Climate and Equitable Jobs Act (CEJA). Today, over 116,000 EVs are registered in Illinois, with a majority owned by ComEd customers.

“As EV adoption grows in Illinois, so does the interest in certified, pre-owned EVs,” said Jennifer Morand, President of Chicago Automobile Trade Association (CATA). “CATA new-car dealers are committed to supporting vehicle electrification for interested consumers, and being able to offer a wide selection of pre-owned EVs that can benefit from a ComEd Pre-Owned Electric Fleet Vehicle Rebate is one of the many ways dealers are staying at the forefront of the EV revolution.”

ComEd’s residential and business & public sector EV rebate programs are helping residential, business and municipal customers alike increasingly turn to EVs. With nearly $90 million in rebates launched earlier this year, and more available in 2025, the programs are designed to ensure equitable EV adoption by reserving more than half of all funds for low-income customers and for customers who reside or primarily serve EIECs.

“With dangerous air pollution still a regional challenge, and with the burdens of asthma weighing more heavily on lower income communities, ComEd’s pre-owned EV fleet rebates will help increase the number of EVs on the road and reduce air pollution in northern Illinois,” said Brian Urbaszewski, Director of Environmental Health Programs at Respiratory Health Association. “Making access to EVs more affordable is key to increasing adoption and supporting critical health benefits.”

EVs provide a variety of benefits for customers. Not only do they offer fuel and maintenance cost savings and performance benefits, but communities can experience broad environmental improvements from reduced tailpipe emissions. Additionally, electrifying transportation—especially vehicle fleets—can create tangible health benefits for all communities and families across northern Illinois, especially communities which have traditional borne the brunt of climate change and air pollution.

ComEd is committed to making EV funding accessible to all qualifying customers. In addition to its various EV fleet and charging rebates, ComEd offers an EV Toolkit, which includes EV load capacity maps, fleet electrification assessments for commercial customers and a new make ready reservation process, helping grant commercial and public sector customers more visibility around infrastructure funds available to support EV charging expansion and installation.

To learn more about the various resources available and explore ComEd’s EV rebate options, visit ComEd.com/clean.

About ComEd

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state's population. For more information visit ComEd.com, and connect with the company on Facebook, Instagram, LinkedIn, X, and YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241029462522/en/

ComEd Media Relations

312-394-3500

Source: ComEd

FAQ

What is the rebate range for ComEd's Pre-Owned Electric Fleet Vehicle program?

ComEd's Pre-Owned Electric Fleet Vehicle program offers rebates ranging from $5,000 to $180,000, depending on the vehicle class and whether the customer is located in or serves a low-income or equity-investment eligible community.

How many electric vehicles are currently registered in Illinois?

Over 116,000 electric vehicles are currently registered in Illinois, with a majority owned by ComEd customers.

What is Illinois' EV adoption goal by 2030?

Illinois aims to have 1 million electric vehicles on the road by 2030, as outlined in the state's Climate and Equitable Jobs Act (CEJA).

How long do customers have to apply for the ComEd fleet EV rebate?

Customers must complete a rebate application within 90 days of vehicle delivery to qualify for the ComEd fleet EV rebate program.