Top States for EV Incentives

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According to experts, Colorado is one of the best states for prospective EV buyers. In May of 2016, the Colorado state legislature signed a bill that will make it much easier for residents to receive the state tax credit of $6,000 when buying a new EV.

Buyers in Colorado can start comparison shopping and test driving now, but they’re best holding off on the actual purchase until 2017. That’s when the new state tax credit – HB 1332 – kicks in. This bill’s better than other, similar state tax credits because it’s so easy – it enables buyers to take their state tax credit at purchase time by signing paperwork that allows them to roll the credit to the dealership or to the bank financing the loan. The dealer, in turn, reduces the price of the car by $5,000. Colorado residents can combine this credit with the existing federal subsidies, which provide a tax refund of up to $7,500 on qualified models. In other words, savvy car buyers in the Centennial State can buy a new EV for up to $13,500 off MSRP.  

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