Tax incentives can help Coloradans afford electric vehicles, but this assistance will be reduced next year

The State of Colorado wants drivers to switch to an electric vehicle – they are launching a new education and awareness campaign called “EV CO”.

Colorado’s goal is to have 940,000 electric vehicles on our roads by 2030. Currently, we have about 70,000. The Colorado Office of Energy, a state agency, says the change could save you money, thanks to government incentives.

“This campaign is the first of its kind to raise awareness of the benefits of electric driving,” said Carrie Atiyeh, senior program manager at the Colorado Energy Office.

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Carrie Atiyeh, senior program manager at the Colorado Bureau of Energy.

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Colorado is launching its first-ever electric vehicle education campaign, “EV CO”, in hopes of convincing Coloradons to go electric for the climate.

“Electric driving,” says Atiyeh, “is one of the best ways for individuals to impact our climate.”

…and their wallets.

Any Colorado can get a tax credit of $2,500 when buying a new electric vehicle and $1,500 when leasing one.

Certain vehicles are also eligible for up to $7,500 in federal credits.

“A Coloradan today can save up to $10,000 on the purchase price of a new electric vehicle,” Atiyeh said.

She also says you can save on fuel costs too.

“Consumers will see about a two-thirds to three-quarters reduction in their fuel costs when stocking up on electricity compared to gas prices today.”

And to combat worries about finding a place to charge, the state is investing $25 million in electric vehicle charging infrastructure.

Colorado currently ranks fifth in the nation for electric vehicle registrations this year.

Today, the state hopes to become more of a climate leader by tackling the number one source of greenhouse gas emissions: transportation.

“It’s really important that we identify opportunities to reduce air quality impacts and reduce our greenhouse gas emissions from the transportation sector,” Atiyeh said.

The campaign will use a new website and social media to connect Coloradans with resources on going electric.

And you might want to act fast, because that $2,500 tax credit drops to $2,000 in 2023.

For more information, visit energyoffice.colorado.gov.

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