Though electric vehicles (EVs) have been around for decades, it’s only in recent years that they have become mainstream. Electric cars, trucks, vans and SUVs, as well as commercial vehicles, offer car buyers more choices than ever before. Colorado residents are eligible for up to $19,000 in tax incentives and rebates on select Electric, Plug-In Hybrid (PHEV), and Fuel Cell Electric vehicle purchase or lease.
Though electric vehicles (EVs) have been around for decades, it’s only in recent years that they have become mainstream. Electric cars, trucks, vans and SUVs, as well as commercial vehicles, offer car buyers more choices than ever before.
Empire Lakewood Nissan serving Lakewood, Denver, Aurora is proud that Nissan has always been at the forefront of the EV movement, producing innovative models that offer all the familiar features of their gasoline-fueled counterparts, with less required vehicle maintenance and exciting features you’ll only find in electric vehicles. Let Empire Lakewood Nissan, a leading Colorado Nissan dealer, help you every step of the way!
Colorado EV owners can take advantage of several available federal and local tax credits and incentives that are exclusive to electric vehicle owners. Let’s explore them now:
$5,000
Colorado offers a tax credit for the purchase, lease, or conversion of electric vehicles. The credit is refundable; to the extent that the amount of the credit exceeds your tax, the excess credit is refunded to you as a taxpayer.
*$6,000
The Vehicle Exchange Colorado (VXC) program helps income-qualified Coloradans recycle and replace their old or high-emitting vehicles with electric vehicles (EVs), up to *$6,000. The VXC rebate will partially cover the upfront cost of the EV at the time of purchase or lease from an authorized automobile dealer.
*Consult your tax adviser.
*$5,500
Qualified EV owners may be able to get up to a $5,500 rebate from energy providers. *Contact your energy provider for more information. These programs are designed to help Coloradans of all income groups afford EVs and Plug-In Hybrid Electric Vehicles (PHEVs).
*Consult your tax adviser.
$7,500
You may be able to get a federal tax credit for 30%, up to $1,000, of the total cost of buying and installing an EV charger in your home. Tax credits reduce taxes owed but do not guarantee a tax refund.
*Always consult with a tax advisor.
When you drive an electric vehicle, you’ll never have to pay for gasoline again – an average savings per year of $834, according to the U.S. Department of Transportation! And, since EVs have fewer moving parts than traditional gasoline-powered vehicles, EV owners also save big on repairs and maintenance (an average of $0.031 cents per mile for EVs as opposed to $0.061 cents per mile for gasoline vehicles, according to a Consumer Reports study), which means EV drivers save approximately $405 per year on maintenance costs!
And, in addition to the great features, tax benefits and operating costs associated with EV ownership, replacing your gasoline vehicle with an EV can reduce your vehicle’s carbon footprint by up to 56% per year, according to calculations from the Department of Energy’s Alternative Fuels Data Center.
