Myth: EVs are only accesÂsiÂble for the wealthy.
Myth BustÂed: There are proÂgrams and opporÂtuÂniÂties availÂable that make ownÂing an EV affordÂable for many.
With the elecÂtric vehiÂcle marÂket increasÂing in popÂuÂlarÂiÂty, the cost of EVs is dropÂping much faster than expectÂed. HowÂevÂer, the upfront cost of buyÂing an EV is still a barÂriÂer for many driÂvers. LuckÂiÂly, there are sevÂerÂal proÂgrams and strateÂgies availÂable that can make ownÂing an EV less of a finanÂcial burÂden and help driÂvers conÂtribute to clean air withÂout breakÂing the bank.
FirstÂly, there are great tax credÂits and incenÂtives proÂvidÂed fedÂerÂalÂly and by the state to help make the upfront cost of buyÂing an EV more manÂageÂable. The fedÂerÂal EV tax credÂit awards up to $7,500 for new elecÂtric, plug-in hybrid, and fuel cell vehiÂcles purÂchased after 2010 – if you are leasÂing a car, this credÂit can potenÂtialÂly lowÂer your lease cost. ColÂorado has a $2,500 state tax credÂit that may be applied at purÂchase for many EV manÂuÂfacÂturÂers as well as a $1,500 tax credÂit for EV leasÂes of at least two years.
If tax credÂits don’t reduce the price enough, you don’t have enough tax liaÂbilÂiÂty, or if you’re not lookÂing to buy a new vehiÂcle, try the used EV marÂket. Many car manÂuÂfacÂturÂers have EV modÂels availÂable now, and the used EV marÂket conÂtinÂues to grow as newÂer modÂels are released. TypÂiÂcalÂly, used EVs cost anyÂwhere from 43% to 72% less than new ones and modÂels 3 years or oldÂer can be found for less than $10,000.
In addiÂtion to purÂchase price reducÂtion, utilÂiÂties are also workÂing to make ownÂing elecÂtric vehiÂcles more affordÂable. There are sevÂerÂal Low to ModÂerÂate Income proÂgrams aimed at bringÂing low-cost chargÂing to mulÂti-famÂiÂly housÂing and busiÂnessÂes to make EVs and chargÂing more accesÂsiÂble to low-income comÂmuÂniÂties. Xcel EnerÂgy has tax credÂits and rebates availÂable for their cusÂtomers to help lowÂer upfront costs for both EVs and chargÂing infraÂstrucÂture, and many othÂer utilÂiÂties in ColÂorado have simÂiÂlar programs.
As the world moves forÂward with EV innoÂvaÂtion, equiÂty conÂtinÂues to be a major focus. New proÂposÂals and ideas are emergÂing that aim to make EVs more accesÂsiÂble and affordÂable and there are many resources out there that can help you on your EV jourÂney, includÂing DriÂve ElecÂtric ColÂorado. If you have quesÂtions about these opporÂtuÂniÂties or EVs in genÂerÂal, don’t hesÂiÂtate to conÂtact us!
https://sustainableamerica.org/blog/making-evs-possible-for-low-income-drivers/
https://greenlining.org/resources/electric-vehicles-for-all/
https://www.edmunds.com/car-buying/the-pros-and-cons-of-buying-a-used-ev.html