The upper buy costs of EVs put them out of attain for lower-income automotive patrons. The state of Colorado is attempting to handle this challenge with a brand new program that provides rebates to qualifying residents.

The Car Alternate Colorado (VXC) program, which is scheduled to launch in August, is designed to assist income-qualified residents exchange their previous or high-emitting autos with EVs by partially masking the up-front value.

This system is open to Colorado residents 18 years or older who meet at the very least one of many following earnings necessities:

• Family earnings under 80% of the median earnings within the county the place the resident lives, or
• Enrollment in any one of many following monetary help packages:
  • Colorado Reasonably priced Residential Vitality (CARE) Program
  • Colorado’s Climate Help Program (WAP)
  • Regional Transportation District (RTD) LiVE
  • Federal Part 8 voucher program
  • Particular Supplemental Vitamin Program for Ladies, Infants, and Youngsters (WIC)
  • State of Colorado Low-Revenue-Vitality Help Program (LEAP)
  • Supplemental Vitamin Help Program (SNAP)

The car to get replaced should be gasoline- or diesel-powered, and it should be at the very least 12 years previous or have failed an emissions check in Colorado. Bikes, RVs, campers and boats are usually not eligible.

Individuals could declare a point-of-sale rebate of $6,000 for a BEV or $4,000 for a PHEV. The car could also be bought or leased. Solely autos with an MSRP or buy worth of $50,000 or much less are eligible.

The VXC rebate may be mixed with utility EV rebates along with federal and state tax credit. The brand new federal tax credit score guidelines apparently enable dealerships to transform a tax credit score to a point-of-sale rebate, so a professional EV purchaser may probably get a really substantial worth break certainly.

Automobiles should be bought from a certified auto vendor in Colorado. Sellers curious about collaborating in this system can fill out the Car Alternate Colorado pre-registration type for vehicle sellers.

Questions on this system may be directed to Program Supervisor Ed Piersa.

Supply: Colorado Vitality Workplace