Polis Administration Celebrates Nation Leading Electric Vehicle Incentives and Low Cost EV Options for Coloradans

AURORA - Governor Polis and Electric Vehicle (EV) industry leaders gathered at Tynan's Nissan in Aurora today to celebrate some of the lowest EV costs in the country. The Governor was joined by Colorado Energy Office Executive Director Will Toor and Director of Sales at Tynan's Nissan Markus Kamm. Propelled by Colorado's nation-leading electric vehicle incentive opportunities, consumers throughout the state are able to drive off a dealer's lot at lease prices starting at as little as $19 per month for a Nissan LEAF - often with no down payment other than taxes and fees. Currently, Colorado EV buyers may qualify for up to $26,500 in savings on a new EV purchase or lease.

"Now more Coloradans can save money on electric vehicles. These low-cost and great-to-drive options are an incredible deal for Coloradans and we are excited to see so many people taking advantage of them. More than 22% of new cars sold in Colorado are electric and we know deals like this will continue to push that number even higher," said Governor Jared Polis.

Widespread EV adoption is an important strategy to achieve Colorado's climate goals and protect our air. The state is well on its way to meeting its ambitious target of 940,000 EVs on Colorado roads by 2030, with EVs already making up more than 22% of new car sales during the most recently reported quarter.

"More than ever, transitioning to an EV is a win-win proposition that every Coloradan should consider," said CEO Executive Director Will Toor. "Beyond getting incredible deals on EVs and saving even more money with lower fuel and maintenance costs, switching to an electric vehicle makes a big difference in improving air quality and cutting climate-harming greenhouse gas emissions. We are making really important progress in reaching our EV goals and are grateful to manufacturers and dealers who are helping in ensuring there are affordable opportunities for buyers across the state."

All Coloradans are currently eligible for a $5,000 state tax credit for purchasing or leasing a new EV (battery electric and plug-in hybrid electric) with a manufacturer's suggested retail price (MSRP) under $80,000, and an additional $2,500 for EVs with an MSRP under $35,000. The $5,000 state tax credit is available through the end of this year, before decreasing to $3,500 starting in 2025.

Income-qualified Coloradans exchanging an eligible old or high-emitting vehicle can also take advantage of a $6,000 rebate through the Vehicle Exchange Colorado program for a new EV purchase or lease and a $4,000 rebate for a used EV purchase or lease.

In addition, Coloradans may be eligible for a $7,500 federal tax credit for a new EV lease, and for the purchase of certain EV models that meet specific manufacturing requirements. A $4,000 federal tax credit is available for used EV purchases and leases. Xcel Energy also offers EV rebates for income-qualified customers, totaling $5,500 for new EV purchases and leases and $3,000 for used vehicles.

In addition to prices starting at as little as $19 per month for a Nissan LEAF, for $99 per month, Coloradans can lease a Kia Niro from Fort Collins Kia or a Hyundai Ioniq 5 from Schomp Hyundai. These are just a few more of the great deals around Colorado.

Coloradans can check with a local dealership to see what offers are available. Coloradans can learn more about electric vehicles and available incentives on the EV CO website.

###