First let us look at the EC2 free tier benefits.
750 hours/month for the t2.micro instance is free. This means, you can create any number of t2.micro instances, but their total running time should be equal to 750 hours or less than it.
Now, about Elastic IP addresses. Let us look at the scenarios when the Elastic IP addresses are not billed:
The Elastic IP is attached to a EC2 instance
There is only one Elastic IP associated with the EC2 instance
The EC2 instance attached with an Elastic IP is running
Otherwise, these are the prices and it changes with the region (This pricing is for North Virginia region)
So, to be precise, you can create any number of Elastic IPs but they should be associated with a running EC2 instance, if not you will be charged.
I would suggest you to look at this AWS Training page to get more detailed insights about it.