Colorado Boosts EV Subsidies to $9,000, Expanding Access to Low-Income Residents
Colorado is stepping up its support for electric vehicle (EV) adoption. Governor Jared Polis' state is increasing subsidies to help residents offset the recent rollback of federal EV tax credits.
The Vehicle Exchange Colorado (VXC) program is expanding its reach. It will now cover drivers earning up to 80 percent of their county's median income. For used EVs, the rebate jumps from $4,000 to $6,000. New hybrid and electric vehicles will see their point-of-sale rebate rise to $9,000 from $6,000. These rebates can be combined with Colorado's state tax credit of $3,500 for buying or leasing an EV.
To qualify, new vehicles must cost less than $80,000, while used vehicles must be sold for less than $50,000. Additionally, buyers must trade in a gas-powered vehicle at least 12 years old. Electric utilities also offer incentives for EV buyers.
Colorado's enhanced EV subsidies aim to make clean vehicles more affordable for low- and middle-income residents. By increasing rebates and expanding eligibility, the state hopes to accelerate EV adoption and reduce emissions.
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