The Colorado Energy Office (CEO) and Community Access Enterprise (CAE) recently announced an additional $9 million for the Vehicle Exchange Colorado (VXC) EV rebate initiative.
The initiative offers point-of-sale rebates for the purchase or lease of an electric vehicle when trading in an old or high-emitting vehicle. Rebates are offered for new and used battery electric and plug-in hybrid electric vehicles.
The initiative has issued 1,301 rebates, six times more than expected, since it was launched in August 2023. This additional funding bringing the rebate total to approximately $14.7 million over the first two years.
“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,” CEO Executive Director Will Toor said. “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 of 68 percent of the issued 1,301 rebates have been redeemed as of June 30.