The upper buy costs of EVs put them out of attain for lower-income automotive consumers. The state of Colorado is making an attempt to handle this subject with a brand new program that gives rebates to qualifying residents.

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(VXC) program, which is scheduled to launch in August, is designed to assist income-qualified residents exchange their outdated or high-emitting automobiles with EVs by partially masking the up-front value.

This system is open to Colorado residents 18 years or older who meet a minimum of 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 applications:
  • Colorado Inexpensive Residential Vitality (CARE) Program
  • Colorado’s Climate Help Program (WAP)
  • Regional Transportation District (RTD) LiVE
  • Federal Part 8 voucher program
  • Particular Supplemental Diet Program for Ladies, Infants, and Kids (WIC)
  • State of Colorado Low-Revenue-Vitality Help Program (LEAP)
  • Supplemental Diet Help Program (SNAP)

The car to get replaced have to be gasoline- or diesel-powered, and it have to be a minimum of 12 years outdated or have failed an emissions take a look at in Colorado. Bikes, RVs, campers and boats usually are not eligible.

Contributors 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 automobiles 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 certified EV purchaser may probably get a really substantial worth break certainly.

Automobiles have to be bought from a certified auto vendor in Colorado. Sellers concerned with collaborating in this system can fill out the Car Trade Colorado pre-registration kind for car sellers.

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

Supply: Colorado Vitality Workplace