- Colorado was one of the most generous states with incentives to electric vehicles.
- With the disappeared federal tax credit, the state now offers up to $ 9,000 on an EV for low -income buyers with the trade of an existing vehicle.
- If you are not eligible for the vehicle exchange program, you can still take advantage of the state’s 3,500 EV incentive.
California has led the United States for a long time to adopt electric vehicles. But if you have been following the EV market for a long time, you know that it is no longer the best place to obtain EV offers. Although the state has removed most of the state incentives, other states have intensified to launch their local markets. The Colorado directed the pack, with incentives that have led crazy offers such as $ 9 per month leases. And while the federal tax credit disappeared last Tuesday, Colorado will not leave the end of the party.
The state announced Thursday that it would increase its own $ 6,000 vehicle exchange program to $ 9,000 on November 3. Credit of the used vehicle from the state also increases $ 4,000 to $ 6,000. Given that the federal government’s tax credit offered only $ 7,500 for new cars (with expensive eligibility conditions for the car itself) and $ 4,000 for used vehicles, eligible residents of Colorado will receive more money than most of us at the height of the federal program.
Those who are not eligible for the incentive of $ 9,000 can still benefit from the tax credit of 3,500 EV from Colorado. This credit is unchanged and can be applied to a new lease or purchase of electric vehicles.
This is not all good news, however. This program has stricter income limits than the federal program and forces you to exchange an old high polluted vehicle. Applicants cannot make more than 80% of the median income of their county. To find out what issue is for you, the State has built this practical table.
It should also be noted that, although the state incentive is greater than ever, the offers will probably not be better than ever. In the past, Colorado has stacked its incentives in the state level in addition to federal incentive, which could lead to more than $ 10,000 in savings. His new credits will be alone when deployed on November 3.
But it is a sign that the loss of federal support is not the end of the road for the VE industry. People want cleaner cars that are cheaper, and manufacturers and states are ready to help stimulate this transition while we are waiting for the costs of the supply chain to drop.
Remember that today affordable and desirable internal combustion today is the result of 120 years of continuous improvement. Meanwhile, most manufacturers have less than 10 years of experience in the construction of high volume electric vehicles. It takes time to lower prices, and these incentives are supposed to make us pass this period. They no longer apply to everyone, but it is pleasant to see some states still growing to make electric vehicles more affordable for the Americans who work.
Contact the author: mack.hogan@insideevs.com
