Electric vehicles (EVs) are gaining in popularity and CORE members have expressed the need for more information. We want to help. Some information and resources are below.
- Colorado residents who purchase an electric vehicle can expect a state tax credit of $2,500 – or more for an electric truck – through the end of 2022, and lower credits in subsequent years.
- Colorado has nearly 800 electric vehicle charging stations, the seventh-most in the nation.
- Electric vehicles convert about 60% of electricity from the grid into wheel power. Conventional gas vehicles convert only about 20% of gasoline energy into wheel power.
- More than 100 models are expected to be available by 2022.
Colorado Plug-In Electric Vehicle (PEV) Tax Credits
| Vehicle category | 2022 | 2023-2025 |
|---|---|---|
| Light-duty EV or PHEV | $2,500 for purchase or conversion; $1,500 for lease |
$2,000 for purchase or conversion; $1,500 for lease |
| Light-duty electric truck | $3,500; $1,750 |
$2,800; $1,750 |
| Medium-duty electric truck | $5,000; $2,500 |
$4,000; $2,500 |
| Heavy-duty electric truck | $10,000; $5,000 |
$8,000; $5,000 |
Source: U.S. Department of Energy Alternative Fuels Data Center