Under the “Green Rewards” program, the Illinois treasurer’s office will partner with banks and credit unions throughout the state to issue $1,000 rebates to Illinois residents who purchase a hybrid or other energy-efficient automobile.
Green Rewards is the first incentive program to encourage hybrid purchases in Illinois and the program offers the largest state rebate for hybrids in the nation, according to the treasure’s office.
State Treasurer Alexi Giannoulias is pledging $2 million in Green Rewards during a statewide tour in his personal hybrid vehicle.
The Treasurer’s Office will fund the program by depositing money at local banks and credit unions at a below-market interest rate. The money that those institutions save in interest is passed to consumers in the form of $1,000 rebates at the time of purchase.