ComEd Announces New Initiative to Award Instant Discounts for Electric Fleet Vehicles in Northern Illinois

Partnership with EV dealers, manufacturers to accelerate EV fleet adoption, leveraging rebates through ComEd's nearly $90 million in EV funding made available for 2024

During the annual Chicago Drives Electric event, ComEd today announced the Point of Purchase initiative, which leverages ComEd's EV rebate programs and will deliver instant discounts to qualifying business and public sector customers in the market for electric fleet vehicles. The initiative, designed to provide more certainty around the total costs of a conversion to all-electric fleet vehicles, is powered by a growing collaboration of more than 30 auto dealerships, various EV manufacturers and local EV 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. "Earlier this year, 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 accessible and equitable across northern Illinois. ComEd's nearly $90 million in rebates launched earlier this year reserve nearly half of all funds, and rebates available in higher amounts, to low-income customers as well as those who reside in equity investment eligible communities, EIECs. Recognizing that upfront purchase cost is still a main 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-$180,000 depending on vehicle type, at the time of purchase.

Through the Point of Purchase initiative, ComEd aims to help additional businesses and public sector customers accelerate their plans to electrify their vehicle fleets—including transitioning to light, medium and heavy duty on road electric vehicles, school buses and public transit buses. 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 Illinois by 2030, as outlined in the state's Climate and Equitable Jobs Act (CEJA). Today, over 100,000 EVs are registered in Illinois, and a majority owned by ComEd customers.

"Reaching Illinois' goals for a cleaner transportation future depends in part on collaboration with industry partners, business owners and local governments to advance fleet electrification plans that reduce tailpipe emissions in our communities," said Megha Lakhchura, EV Officer for the state of Illinois. "Initiatives like the ComEd EV rebate programs, one of the largest investments in electrification in the state, and the new Point of Purchase initiative, are an important step in making it financially feasible for fleets of any size to explore electrification."

The Point of Purchase initiative was created in response to the high upfront cost barriers facing some small businesses and public sector customers who are looking to adopt all-electric fleets. ComEd's EV rebates, combined with state and federal EV funds, can help offset the cost of electrifying considerably, as businesses and commercial customers often need to have more clarity on all-in costs at the time of purchase. ComEd, working with auto industry partners, dealers from the area and EV manufacturers—including Lion Electric—came together to solve the issue by creating this initiative, building on existing rebate offerings.

"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, we are looking forward to further increasing widespread EV adoption in northern Illinois."

The first transaction leveraging ComEd's Point of Purchase EV Fleet Rebate was awarded in late September to a commercial customer of Ron Tirapelli Ford in Shorewood, Illinois, who purchased a light duty vehicle for business use.

"We are proud to be a part of the ComEd Point of Purchase EV Rebate network, because we are committed to taking steps to best meet our customers' needs," said Thomas J Conlin II, General Manager at Ron Tirapelli Ford. "While EVs are growing in demand, and there are many resources available to help make these vehicles more affordable for customer, we are very excited to offer our customers instant rebates to help make their fleet electrification goals a reality."

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. The dealership will then submit the necessary rebate voucher application, enabling the customer to purchase their EV at a reduced rate.

"The fall Chicago Drives Electric event filled a void we originally didn't realize how badly it existed, bringing much needed EV education to the residents of the Chicagoland area," said Jennifer Morand, President of Chicago Automobile Trade Association (CATA). "CATA dealerships are committed to supporting the electrification of our industry, and participating in this rebate program is one of many ways we are helping make the adoption of electric fleets a reality for all interested parties."

"Transportation electrification is a critical strategy the City of Chicago is pursuing to reduce our carbon footprint and improve air quality," said Mary Nicol, Deputy Commissioner for the Division of Planning and Policy at the Chicago Department of Transportation. "The Point of Purchase EV Rebate program is an important step toward making EVs more accessible, complementing the City's ongoing initiatives like fleet electrification and advancing EV charging infrastructure. We will continue working with public and private partners to build a sustainable and cleaner transportation future for Chicagoans."

ComEd EV rebate programs are making a significant impact in helping business and municipal customers adopt EVs. To date, the programs have incentivized over 2,000 residential and non-residential charging ports and helped fund more than 100 fleet electric fleet vehicles now on the road, including over a dozen heavy duty, school bus and transit vehicles.

ComEd is committed to making EV funding accessible to all qualifying customers. In addition to its Point of Purchase initiative, ComEd offers an EV Toolkit, which include 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 surety around infrastructure funds available to support EV charging expansion and installations.

ComEd is currently still accepting applications from local dealerships to join this network. To learn more about ComEd's EV investments, or to explore the list of dealerships and manufacturers in this network, visit www.comed.com/clean.

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.

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