The Colorado Energy Office launched the Vehicle Exchange Colorado program, paving the way for low- to moderate- income Coloradans to obtain an electric vehicle.
VXC requires that applicants exchange their qualified old or high-emitting vehicles for an EV purchase or lease rebate. This includes both battery electric vehicles and plug-in hybrid electric vehicles.
A $6,000 rebate is available to purchase or lease a new EV and $4,000 is available to purchase or lease a used EV. The rebate may only be redeemed with a manufacturer’s suggested retail or purchase price of $50,000 or less.
Eligible Coloradans can apply on the Vehicle Exchange Colorado website, and applications are accepted on a rolling basis until the total $1.8 million in funding is spent.
According to CEO’s news release, qualified applicants must have an income that is no more than 80% of the area median income in the county where they reside. They must also own a operational gasoline- or diesel-powered vehicle that is at least 12 years old or has failed a Colorado emissions test. It must be registered under the applicant’s name with the Colorado Department of Motor Vehicles and the vehicle’s title must be issued solely to the applicant.
The EV’s purchase or lease must be from an authorized automobile dealer within 180 days of being issued the rebate. The list will be updated as CEO approves more automobile dealers.
Coloradans who receive a rebate through VXC may also take advantage of other EV purchase incentives, such as state and federal electric vehicle tax credits.
“With many low- to moderate-income Coloradans historically finding the cost of electric vehicles out of reach, this program will help bridge that gap,” CEO Program Manager Ed Piersa said. “The transportation sector represents one of our state’s largest sources of greenhouse gas emissions, and every resident in Colorado should have the ability to make the transition to a clean car in a way that doesn’t break the bank. This is a win-win situation. Electric vehicles have lower fuel and maintenance costs for vehicle owners, all while helping improve air quality across Colorado.”
CEO’s objective is to advance clean energy by reducing greenhouse gas emissions and consumer energy costs.
