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State offering rebates on hybrid vehicles
Jul 14 - McClatchy-Tribune Regional News - Ofelia Casillas Chicago Tribune Illinois State Treasurer Alexi Giannoulias has announced a new $2 million effort to combat rising gas prices across the state by offering $1,000 rebates to consumers who purchase hybrid or other energy-efficient vehicles. In a written statement, Giannoulias said his "Green Rewards" program would entice residents to buy "fuel-efficient, clean-burning vehicles" while helping them "recoup their investment faster while they save money at the pump." Giannoulias plans to unveil details of the rebate program during a statewide tour in his personal hybrid vehicle. To fund the program, officials said, state funds will be deposited 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, they said. To get a rebate, buyers must secure a car loan from a participating bank or credit union for a new hybrid vehicle or an eligible electric or fuel cell vehicle. Purchasers can receive one rebate per vehicle, allowing municipalities or other entities to receive additional cash back when acquiring fuel-efficient fleets. Current hybrid cars can get up to 60 miles to the gallon on the highway and produce up to 80 percent less harmful pollutants and greenhouse gases than comparable gasoline cars, officials with the Treasurer's Office said. But the vehicles cost $1,200 to $10,000 more than their fossil fuel counterparts. According to officials, studies show that the Ford Escape, Honda Civic, Toyota Camry and Toyota Prius all recover their price premium through fuel efficiencies after the first five years or 75,000 miles of ownership. "For every dollar that is spent on the program, drivers will save $5 on fuel over the life of their vehicle," Giannoulias said in a written statement. "That's a deal government should make every day of the week." Officials said Green Rewards is the first incentive program to encourage hybrid purchases in Illinois. The program, they said, offers the largest state rebate for hybrids in the nation. Green Rewards is one of the State Treasurer's Cultivate Illinois Agricultural and Environmental programs. For more information, contact (312) 814-1901, (217) 557-6436 or cultivateillinois@treasurer.state.il.us .
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