Peak EV Solutions is a home EV charger installation company that services the state of Colorado.

As of July 1, 2023, Colorado offers a new electric vehicle (EV) tax rebate of up to $5,000 for the purchase of a new EV with a manufacturer’s suggested retail price (MSRP) of up to $80,000. EVs under $35,000 MSRP will be eligible for an additional tax credit of $2,500, bringing the total potential tax credit to $7,500.

The previous tax credit of $2,000 for new EVs and $1,500 for leases remains in effect until June 30, 2023.

To be eligible for the Colorado EV Tax Rebates, the EV must be titled and registered in Colorado. The credit is refundable, meaning that if the credit exceeds the amount of tax owed, the taxpayer will receive a refund.

The new tax credit is part of a larger effort by Colorado to reduce greenhouse gas emissions and promote the use of EVs. The state has also set a goal of having 1 million EVs on the road by 2030.

Here are some of the requirements for the new Colorado EV tax rebates:

  • The EV must be purchased or leased on or after July 1, 2023.
  • The EV must be titled and registered in Colorado.
  • The EV must have a manufacturer’s suggested retail price (MSRP) of up to $80,000.
  • EVs under $35,000 MSRP will be eligible for an additional tax credit of $2,500.

The deadline to apply for the tax credit is June 30, 2026. Full details can be found here.

Here are some of the benefits of owning an EV:

  • EVs produce zero emissions, which helps to improve air quality and reduce greenhouse gas emissions.
  • EVs are quieter than gasoline-powered vehicles, which can help to reduce noise pollution.
  • EVs are more fuel-efficient than gasoline-powered vehicles, which can save you money on fuel costs.
  • EVs are eligible for a variety of incentives, including tax credits, rebates, and free parking.

If you are considering buying an EV, the new Colorado EV tax rebate is a great opportunity to save money. With the tax rebate, you could save up to $7,500 on the purchase of a new EV. To learn more about the new Colorado EV tax rebate, visit the Colorado Department of Revenue website.

At Peak EV Solutions, we’ll connect you with one of our certified electricians to handle installing your level 2 EV charger in Colorado. To learn more, fill out the form below.

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