Colorado Boosts EV Adoption With Increased Rebates for Low- and Middle-Income Drivers
Colorado is boosting its support for electric vehicle (EV) adoption, particularly for low- and middle-income drivers. The state is increasing rebates and expanding eligibility criteria to offset the reduction of federal EV tax credits.
The Vehicle Exchange Colorado (VXC) program is enhancing its offerings. The point-of-sale rebate for new hybrid and electric vehicles is rising to $9,000 from $6,000. Additionally, the rebate for used EVs is increasing to $6,000 from $4,000. These increases aim to make EVs more affordable and accessible.
To qualify for the VXC rebate, drivers must earn up to 80 percent of their county's median income and trade in a gas-powered vehicle at least 12 years old. The rebate can be combined with Colorado's state tax credit of $3,500 for buying or leasing an EV, providing a significant financial incentive. Furthermore, electric utilities in Colorado also offer incentives for EV buyers.
Colorado's expanded EV subsidies, including the increased VXC rebates, are set to encourage more drivers to switch to electric vehicles. By targeting low- and middle-income drivers and offering substantial incentives, the state aims to promote sustainability and clean energy while offsetting federal policy changes.
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