(The Center Square) – Colorado is devoting millions for rebates when trading in a gas- or diesel-powered vehicle and purchasing an electric one.
Vehicle Exchange Colorado will receive $9 million from the state to continue the rebate program. However, to participate in the program the purchaser must have earn less than 80% of the median income in the county where they live. In Denver, the amount would be $73,040 for an individual or $104,320 for a family of four. In San Juan County, the amount would be $52,800 for an individual or $75,360 for a family of four.
To qualify for the trade-in, the gas- or diesel-powered vehicle must be at least 12 years old or have failed a Colorado emissions test.
Those who qualify can receive a $6,000 rebate when purchasing or leasing a new electric vehicle and a $4,000 rebate when purchasing a used electric vehicle. The purchase must be made from an authorized automobile dealer. New and used battery electric and plug-in hybrid electric vehicles are eligible.
The new funding now brings the rebates to a total of $14.7 million during the first two years of the program. The program made 1,301 rebates during its first year, which concluded Aug. 31, according to a media release from Democratic Gov. Jared Polis. The rebates were six times greater than projected by the Colorado Energy Office and the Community Access Enterprise, a state agency with a mission of expanding widespread adoption of electric vehicles.
“The way Coloradans have embraced this program shows the momentum the EV market is having in Colorado, and we’re extremely excited to continue building on its success with additional funding,” Will Toor, executive director of the Colorado Energy Office, said in a statement. “Transportation is a leading source of pollution in the state, so making clean cars more affordable and accessible is critical to achieving our climate goals.”
As of June 30, 68% of the 1,301 rebates issued were redeemed as 879 gas- and diesel-powered vehicles were replaced with electric vehicles in 39 counties. In addition to the rebate, purchasers can qualify for state and federal electric vehicle tax credits.
“Expanding the use of electric vehicles is an important part of our work to improve air quality and achieve our climate goals, and we look forward to seeing this funding support more Coloradans,” Polis said in a statement.