Save Money on the Purchase Price of an EV
In addition to the increasing diversity of makes and models of electric vehicles available to Coloradans, drivers can benefit from tax credits and incentives that significantly reduce the sticker price of an electric vehicle.
- Buyers can obtain a federal tax credit of up to $7,500 depending on the size of the battery of the car.
- Buyers can quality for a Colorado income tax credit of $5,000 for those who purchase an electric vehicle and $2,500 for those who lease. These credits can apply immediately at the point-of-sale at an auto dealer.
Further, Coloradans who drive an electric vehicle gain free access to the HOV lane, regardless of the number of passengers in the vehicle and are exempt from emissions testing regulations.
Save Time and Money on Maintenance and Fuel
Over the vehicle’s lifetime, Coloradans can save even more. Electric cars don’t have as many parts as an internal combustion engine, meaning the cost of maintaining an electric vehicle is lower than gasoline-powered vehicles. They also use “regenerative braking,” which uses the electric motor to do much of the braking, meaning consumers can also save on brake pads and rotors, further reducing maintenance costs.
Finally, because electric vehicles runs on electricity, electric vehicle drivers can keep a lot of money in their pockets that they otherwise would have spent on gasoline. Electricity prices are also generally much more stable than gasoline prices, which can fluctuate wildly. According to the federal Department of Energy, it costs less than half as much to travel the same distance in an electric vehicle than a gas-powered vehicle.
How much can you save? Check out this side-by-side comparison of gasoline versus electricity prices to see how much you can save here: www.energy.gov/eGallon
When it comes time to charge your vehicle, it won’t require a trip to the gas station. (Imagine topping off your battery while sleeping at night or while you are at work instead of going to a gas station.) And thanks to the recently adopted Xcel power plan that saves consumers money while calling for more renewable energy generation, EVs are increasingly powered with clean energy sources such as wind and solar.
Choice and Flexibility
Major auto manufacturers are releasing more and more electric vehicle models every year. (What’s available in your neighborhood? Just enter your zip code here and find the vehicle that suits your needs and budget.)
While you can plug-in your electric vehicle at home, Colorada is also a national leader in public electric vehicle chargers, ranking No. 4 among all states for the number of electric vehicle charging stations deployed throughout the state. (Find a charging station convenient to your commute and community on this interactive map.)