DENVER - On October 23, 2024, Governor Polis announced that according to the Colorado Automobile Dealers Association, Colorado is now ranked as 2nd in the nation in electric vehicle (EV) sales in 2024. 

“Colorado is now second in the nation in electric vehicle sales and we are proud to see the impact that Electric Vehicles are having on our air quality, while saving Coloradans money. Colorado is breaking down barriers to accessing EVs by making them more affordable across the state. While second is a great place to be, we will continue pushing to be number one,” said Governor Jared Polis. 

Last week, Governor Polis and EV industry leaders gathered at Tynan’s Nissan in Aurora to celebrate some of the country's lowest EV costs. 

Widespread EV adoption is an important strategy to achieve Colorado’s climate goals and protect air quality. 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 23% of new car sales this year and 27.8% of sales during the most recently reported quarter. 

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.