Did you know residents of Colorado are eligible for up to $12,500 in tax incentives when they purchase or lease select Electric, Plug-In Hybrid, and Fuel Cell Electric vehicles in 2023? Learn more about each incentive below.
Shop New EV Shop Used EVGovernment and EPA goals to reduce carbon emissions have generated incentives to make buying or leasing an EV or PHEV more affordable than ever. Multiple agencies are offering credits and incentives to accelerate EV sales. Agencies are targeting socioeconomic demographics who couldn’t afford EVs in the past, making them accessible to everyone.
The amount of Colorado’s electric vehicle tax credit. All Coloradans are eligible.
Learn MoreThis program aids eligible Coloradans in swapping old or high-emission vehicles for electric ones.
Learn MoreThe credit amount you can be eligible for through your energy provider.
Learn More
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.
We encourage income-qualified Colorado residents who own eligible old or high-emitting vehicles to apply for this rebate.
All Schomp Automotive Colorado dealerships are participating in Vehicle Exchange Program (VXC). Contact a client Advisor for complete details.
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).
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.
There are over 3,300 EV charging stations in Colorado!
