From Longman Business Dictionary
rebatere·bate1 /ˈriːbeɪt/ noun [countableC]FINANCE1an amount of money that is paid back to you when you have paid too muchYou may be entitled to a tax rebate.
1.6 million tenants claimed a rent rebate.
rebate onYou may get a rebate on your car insurance, if your car is off the road for at least 28 days.
2part of the price that is paid back to customers when they buy somethingrebate onFord is offering a $2,000 rebate on this model.