Colorado Boosts EV Adoption With Larger 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 Vehicle Exchange Colorado (VXC) program is increasing its rebates and expanding eligibility criteria.
Starting next month, drivers earning up to 80 percent of their county's median income can receive a $9,000 rebate for purchasing new hybrid or electric vehicles, up from the previous $6,000. Used EV rebates are also increasing to $6,000 from $4,000. To qualify, buyers must trade in a gas-powered vehicle at least 12 years old.
These rebates can be stacked with other incentives. Electric utility incentives can be combined with the VXC rebate, and the state's $3,500 tax credit for buying or leasing an EV can also be applied.
The VXC program's enhanced rebates and eligibility criteria aim to make EVs more affordable for a wider range of Colorado drivers. The increased subsidies help offset the recent rollback of federal EV tax credits, encouraging more people to switch to electric vehicles.
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