Colorado Boosts EV Commitment: $25.6M Funding, Higher Rebates Aim for 1M EVs by 2030
Colorado is boosting its commitment to electric vehicles (EVs) with a significant funding boost and increased rebates. The state aims to have nearly 1 million EVs on its roads by 2030 to meet its climate goals.
The Vehicle Exchange Colorado program has received a substantial $25.6 million in funding from the Colorado Energy Office for its first three years, with ongoing funding expected until 2032. This program aims to assist income-qualified Coloradans in replacing old or high-emitting vehicles with EVs. To be eligible, buyers must have a household income below 80% of the area median income in their county.
Gov. Jared Polis announced an increase in rebates for new, used, and leased EVs through this program. Starting Nov. 3, rebates will be $9,000 for new EV purchases and leases, and $6,000 for used EV purchases and leases. This increase comes as national incentives are set to expire. Colorado currently has over 200,000 registered EVs and aims to add an average of 147,000 additional electric vehicles per year to meet the 2030 goal. Over 2,700 Coloradans have already used the credits in the past two years. The state envisions light-duty electric vehicles making up 'nearly 100%' of the market share by 2050.
With these increased rebates and continued funding, Colorado is well on its way to achieving its ambitious EV goals. The program's expansion will not only help the state meet its climate objectives but also provide more affordable EV options for lower-income residents.
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