Illinois Electric Vehicle Cost-Benefit Analysis

Widespread electric vehicle adoption in Illinois could bring the state up to $43 billion in cumulative benefits by 2050 stemming from reduced utility bills, Illinois driver savings on fuel, vehicle expenses, and carbon pollution reduction, according to a new analysis by M.J. Bradley & Associates commissioned by the Charge Up Midwest coalition.

The study outlines cumulative financial benefits from mainstream EV adoption in Illinois by 2050, including:

  • Reduced electricity bills through grid improvements are $0.6 billion (moderate) and $1.8 billion (high)
  • Societal benefits from reduced pollution are $1.4 billion (moderate) and $5.6 billion (high)
  • Savings from ownership of an EV compared to a gasoline vehicle are $10.3 billion (moderate) and $35.2 billion (high)

Other statewide benefits include:

  • 4.5 billion (moderate) and 17 billion (high) gallons of avoided gasoline consumption by 2050
  • 25 million (moderate) and 97 million (high) metric tons of reduced greenhouse gas emissions by 2050