Electric Vehicle Offers & Information
Electric Vehicle Federal Tax Credit up to $7,500
A federal income tax credit up to $7,500 is available for the purchase of a qualifying EV. The minimum credit amount is $2,500, and the credit may be up to $7,500, based on each vehicle's battery capacity and the gross vehicle weight rating. Your eligibility for income tax credits depends on your personal tax situation. We recommend speaking with a tax professional for guidance.
The credit begins to phase out for each vehicle manufacturer once they have sold 200,000 eligible electric vehicles in the United States (as counted from January 1, 2010). The IRS will announce when a manufacturer exceeds this production volume and will announce the subsequent phase-out schedule on the IRS website.
- Consult your tax adviser to make sure you qualify
- Max tax credit $7,500
- Restrictions apply, subject to change without notice
EV Charging Equipment Federal Tax Credit up to $1,000
Consumers who purchase qualified residential charging equipment prior to December 31, 2021, may receive a tax credit of 30% of the cost, up to $1,000. Permitting and inspection fees are not included in covered expenses.
NOTE: This incentive originally expired on December 31, 2016, but was retroactively extended through December 31, 2020, by Public Law 116-94. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 extended the alternative fuel vehicle refueling property credit to cover refueling property placed in service in 2021.
- Consult a tax professional to see if your installation qualifies
- Visit IRS website for additional information
State of Colorado EV Tax Credit
Tax credits are available in Colorado for the purchase, lease and conversion of light, medium and heavy duty electric vehicles (EV). These credits were simplified effective Jan. 1, 2017. No credit is allowed for the purchase or lease of a used vehicle made on or after Jan. 1, 2017.
Questions about EV tax credits? Contact the Colorado Department of Revenue at 303-238-7378
- Restrictions apply
- Consult a tax professional to determine if you qualify
- Visit Colorado Energy Office website for details
2019: $5,000 for purchase or conversion; $2,500 for lease
2020: $4,000 for purchase or conversion; $2,000 for lease
2023: $2,500 for purchase or conversion; $1,500 for lease
2026: $2,000 for purchase or conversion; $1,500 for lease