09/03/2024 | Press release | Distributed by Public on 09/03/2024 14:14
An additional $9 million in funding more than doubles the budget for this popular income-qualified EV rebate program aimed at reducing pollution from transportation
Denver - Tuesday, Sept. 3, 2024 - The Polis administration's Colorado Energy Office (CEO) and Community Access Enterprise (CAE) announced an additional $9 million in funding for the Vehicle Exchange Colorado (VXC) EV rebate initiative, bringing the program budget to a total of approximately $14.7 million over its first two years. The initiative, which celebrated its one-year anniversary on August 31, has issued 1,301 rebates during its first fiscal year - more than six-times the number of rebates CEO expected to provide.
"Colorado is a leading state for electric vehicles and we continue working to help save Coloradans money and break down barriers to access. Expanding the use of electric vehicles is an important part of our work to improve air quality and achieve our climate goals, and we look forward to seeing this funding support more Coloradans," said Governor Jared Polis.
VXC offers point-of-sale rebates to purchase or lease an EV for trading in an old or high-emitting vehicle. Rebates are available for both new and used battery electric and plug-in hybrid electric vehicles.
"The way Coloradans have embraced this program shows the momentum the EV market is having in Colorado, and we're extremely excited to continue building on its success with additional funding," said CEO Executive Director Will Toor. "Transportation is a leading source of pollution in the state, so making clean cars more affordable and accessible is critical to achieving our climate goals. This program ensures that more Coloradans can make the choice to switch to an EV, which not only improves air quality and cuts greenhouse gas emissions, but also saves drivers money on fuel and maintenance costs."
A total budget of $5.7 million was available during the program's first fiscal year. As of June 30, 2024, 68% of the 1,301 rebates issued have been redeemed, replacing 879 old or high-emitting vehicles with zero-emission electric vehicles in 39 Colorado counties. Between VXC rebates and other available EV incentives, Coloradans have been able to purchase or lease EVs at extremely affordable prices.
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, 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 (e.g., model year 2012 or older for a 2024 application) or fails a Colorado emissions test. A $6,000 rebate is available to purchase or lease a new EV, and a $4,000 rebate is available to purchase or lease a used EV. Rebate recipients must purchase or lease their EV from an authorized automobile dealer. Additional details about eligibility and how to apply are available on the VXC webpage.
Coloradans who receive a rebate through VXC may also take advantage of other electric vehicle purchase incentives, including federal and state electric vehicle tax credits.
In addition to making EVs more affordable, this effort supports the automobile industry's workforce through its partnership with the Clear the Air Foundation. The Clear the Air Foundation coordinates vehicle recycling and uses at least 35% of funds to provide scholarships and equipment to automotive technology students.
"The VXC partnership with the Clear the Air Foundation has been transformational for the foundation and the scholarship recipients who have benefited from this partnership," said Clear the Air Foundation Director Mark Zeigler. "As of August 2024, the foundation set an all-time annual record for recycled vehicles, providing funding for a record number of scholarships."
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