The Colorado Energy Office offers an incentive to individuals who wish to acquire an electric vehicle. Those who qualify can now submit a request to exchange a qualified obsolete or high-emissions vehicle for an electric vehicle.
You can get a $6,000 rebate if you buy or lease a new EV, or a $4,000 rebate if you buy or lease a used EV.
This rebate can only be used toward the purchase or lease of a car with an MSRP or purchase price of $50,000 or less. Within 180 days of receiving the rebate, customers must make a qualifying purchase or lease of an EV from a participating authorized car dealer.
As more car dealerships are given the green light to sell vehicles, the CEO will add them to this list.
The rebate application system can be accessed through the Vehicle Exchange Colorado website of the Colorado Energy Office.
Vehicle Exchange Colorado Program
The Vehicle Exchange Colorado program will begin accepting applications from eligible participants on August 31. Income-eligible Coloradans can submit an application for a point-of-sale rebate when they buy or hire an electric vehicle, including both battery electric vehicles as well as plug-in hybrid electric vehicles.
The office will accept applications indefinitely or until the funds are depleted, whichever comes first. The incentives for EVs under the trade-in program will amount over $1.8 million.
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How to Qualify for Rebates?
Residents of the Centennial State who earn less than 80% of the median income in their county are eligible for a VXC rebate.
To qualify for a rebate in the state of Colorado, applicants must either possess a vehicle that fails a state-mandated emissions test or a gasoline or diesel vehicle that is at least 12 years old (e.g., a model year 2011 or older for a 2023 application).
The applicant must be the only owner of the vehicle and have current registration with the Colorado Department of Motor Vehicles.
There must not be a loan on the car at the present time. A valid driver’s license from the state of Colorado is required for participation in this program.
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