Government and EPA initiatives to reduce carbon emissions have created attractive incentives to make purchasing or leasing Electric Vehicles (EVs) or Plug-In Hybrid Electric Vehicles (PHEVs) more affordable than ever. Various government agencies are now providing credits and incentives to boost the adoption of EVs.
These programs aim to help Coloradans of all income groups afford EVs and PHEVs, ensuring broader accessibility for everyone.
The Vehicle Exchange Colorado (VXC) program helps income-qualified Coloradans recycle and replace their old or high-emitting vehicles with electric vehicles (EVs). The VXC rebate will partially cover the upfront cost of the EV at the time of purchase or lease from an authorized automobile dealer.
Income-qualified Colorado residents who own eligible old or high-emitting vehicles should apply for this rebate.
All Schomp Automotive Colorado dealerships are participating in Vehicle Exchange Program (VXC). For more information, contact a Schomp Client Advisor.Learn More
All-electric, plug-in hybrid, and fuel cell electric vehicles purchased new in 2023 or after may be eligible for a federal income tax credit of up to $7,500.
The credit availability will depend on several factors, including the vehicle’s MSRP, its final assembly location, battery component and/or critical minerals sourcing, and your modified adjusted gross income (AGI).
Manufacturers that do not qualify for the Federal Tax Credit have released comparable incentives to rival Federal Programs.
Colorado allows a refundable income tax credit for the purchase or lease of a qualifying motor vehicle. In general, the credit is allowed for new electric and plug-in hybrid electric motor vehicles that are titled and registered in Colorado, although several additional requirements apply. The amount of the credit varies by tax year. A purchaser or lessee of a qualifying motor vehicle can assign the credit to the financing entity or, for purchases or leases on or after January 1, 2024, to the motor vehicle dealer.