|
EV Tax Credits Rise, Others End December 31
While federal tax credits for electric vehicles ended last month, Colorado has boosted its incentives to help low and moderate income residents buy electric vehicles.
Meanwhile, other federal clean energy tax credits for homeowners expire at the end of the year, so now is the time to invest in a heat pump, insulation or other improvements to take advantage of the credits.
Starting Nov. 3, rebates through the Vehicle Exchange Colorado (VXC) program, will increase from $6,000 to $9,000 for new EV purchases and leases and $4,000 to $6,000 for used EV purchases and leases.
VXC rebates are available for income-qualified Coloradans exchanging a qualified old or high-emitting vehicle to purchase or lease an EV, which includes both battery electric and plug-in hybrid electric vehicles. The Community Access Enterprise has approved $25.6 million in funding to support this program over the first three years.
The electric vehicles will soon have a more robust charging network. Colorado has received federal approval for the final $12 million of its $56.5 million in funding from the National Electric Vehicle Infrastructure (NEVI) Program. To date, Colorado has already awarded nearly $25.6 million in NEVI funding to support 246 fast-charging ports along major transportation routes across the state. Securing the last of this federal funding will help Colorado continue to build out a robust network of fast-chargers as EV registrations in the state surpass 200,000.
Meanwhile, even as federal clean energy tax credits end, other programs from utilities and state and local governments will help consumers make energy improvements.
To help consumers understand what programs are available, state leaders have launched the Colorado Energy Savings Navigator (CESN), a new, easy-to-use digital tool that connects Coloradans to more than 600 energy rebates and 18 different energy bill assistance programs. The tool is designed to be a one-stop shop to help consumers access programs that allow them to save money and reduce energy bills..
|