Making the switch to an electric vehicle (EV) is a great decision for the environment and your wallet. But the upfront cost of installing a home or workplace EV charger can be a hurdle. The good news is that Colorado offers a variety of financial programs to help offset these costs, making EV ownership even more attractive. Here’s a breakdown of the available incentives to jumpstart your EV charging journey:
Charge Ahead Colorado Grant Program:
This flagship program from the Colorado Department of Transportation (CDOT) provides significant financial support for the installation of EV charging stations. It covers a substantial portion of the project cost, with:
- Level 2 Dual Port Stations: Up to 80% of the cost, with a maximum of $9,000 per station.
- Level 3 DC Fast Chargers: Up to 80% of the cost, with a maximum of $50,000 per station (availability for this category may be limited).
Grant applications are accepted through three rounds annually, typically in January, May, and October. Be sure to check the CDOT website for upcoming deadlines and program details to ensure you meet all eligibility requirements including any limitations on pre-owned EVs (vehicles not purchased new).
Federal Electric Vehicle Tax Credit:
The federal electric vehicle tax credit allows you to deduct a portion of the cost of installing a qualified EV charger from your federal income taxes. The current credit is 30% of the installation cost, capped at a maximum credit of $1,000. This credit applies to alternative fuel vehicles, including EVs, so be sure to confirm your specific vehicle qualifies before applying.
Utility Rebates:
Many Colorado utilities offer rebates to their customers for installing EV chargers at their homes or businesses. These rebates can vary depending on the utility provider and charger type. Here are a couple of prominent examples:
- Xcel Energy: Offers rebates of up to $500 for qualified Level 2 chargers, with an increased incentive of up to $1,300 for income-qualified residents. Xcel Energy may consider your household income when determining eligibility for their rebate program. Be sure to check their website for details on income thresholds.
- Gunnison County Electric Association (GCEA): Provides a 50% rebate on the cost of purchasing and installing a Level 2 charger for residential customers who sign up for a time-of-use electricity rate.
Finding the Right Incentive for You:
Use the resources below to explore all the available options and determine which program best suits your needs. Consider factors like your median income, the type of EV charger you require, and the eligible vehicles you plan to charge. Be sure to carefully review the rebate application process for each program you’re interested in to ensure you submit all required documentation.
Additional Resources:
- Drive Clean Colorado:https://drivecleancolorado.org/
- Alternative Fuels Data Center – Colorado Laws and Incentives:https://afdc.energy.gov/laws/all?state=CO
By taking advantage of these Colorado Programs and incentives, you can significantly reduce the upfront cost of installing an EV charger and unlock the full potential of your electric vehicle. EV Pros is here to help you navigate the process and ensure a smooth transition to clean, sustainable transportation. Contact us today to discuss your EV charging needs and explore the best options for your home or workplace!