Colorado: Polis Administration Announces $9 Million in Funding For Successful EV Rebates

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DENVER ~ Denver, CO - The Colorado Energy Office (CEO) and Community Access Enterprise (CAE) have announced an additional $9 million in funding for the Vehicle Exchange Colorado (VXC) EV rebate initiative. This brings the total amount of rebates to approximately $14.7 million over the first two years of the program, more than doubling its initial funding.

The VXC initiative, which celebrated its one-year anniversary on August 31, has exceeded expectations by issuing 1,301 rebates during its first fiscal year. This is more than six times the number of rebates that CEO had initially anticipated providing.

Governor Jared Polis expressed his enthusiasm for the program, stating that "Colorado is a leading state for electric vehicles and we continue working to help save Coloradans money and break down barriers to access." He also emphasized the importance of expanding the use of electric vehicles in order to improve air quality and achieve climate goals.

VXC offers point-of-sale rebates for purchasing or leasing an EV in exchange for trading in an old or high-emitting vehicle. These rebates are available for both new and used battery electric and plug-in hybrid electric vehicles.

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CEO Executive Director Will Toor highlighted the success of the program thus far, stating that "the way Coloradans have embraced this program shows the momentum the EV market is having in Colorado." He also emphasized how crucial it is to make clean cars more affordable and accessible in order to achieve climate goals. By making EVs more accessible, not only does it improve air quality and reduce greenhouse gas emissions, but it also saves drivers money on fuel and maintenance costs.

During its first fiscal year, VXC had a total budget of $5.7 million available. As of June 30, 2024, 68% of the 1,301 rebates issued have been redeemed. This has resulted in 879 old or high-emitting vehicles being replaced with zero-emission electric vehicles in 39 counties across Colorado. With the combination of VXC rebates and other available EV incentives, Coloradans have been able to purchase or lease EVs at extremely affordable prices.

The CEO and CAE, a state-funded enterprise established by the legislature to support equitable investments in transportation infrastructure and incentivize EV adoption, will continue to accept applications for VXC rebates on an ongoing basis until funding is expended. To qualify for a rebate, Coloradans must have an income less than 80% of the area median income in the county where they live and must trade-in a qualified gas- or diesel-powered vehicle that is at least 12 years old. Rebate amounts vary depending on whether the EV is new or used, with a $6,000 rebate available for new EVs and a $4,000 rebate available for used EVs. It is also required that recipients purchase or lease their EV from an authorized automobile dealer. More information about eligibility and how to apply can be found on the VXC webpage.

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In addition to making EVs more affordable, this initiative also supports the automobile industry's workforce through its partnership with the Clear the Air Foundation. The foundation coordinates vehicle recycling and uses at least 35% of funds to provide scholarships and equipment to automotive technology students.

Mark Zeigler, Director of Clear the Air Foundation, expressed his gratitude for this partnership stating that "the VXC partnership with the Clear the Air Foundation has been transformational for both our foundation and scholarship recipients." He also noted that as of August 2024, the foundation set an all-time annual record for recycled vehicles and provided funding for a record number of scholarships.

With this additional funding, it is expected that even more Coloradans will be able to take advantage of these rebates and make the switch to electric vehicles. Not only will this help reduce pollution from transportation but it will also contribute to the state's efforts in achieving its climate goals.

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