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Colorado Tax Credits

As a plug-in electric vehicle (PEV) purchaser, you are eligible for up to $7,500 in Federal and $6,000 in Colorado tax credits.  Colorado allows an income tax credit to taxpayers who have purchased an alternative fuel vehicle, converted a motor vehicle to use an alternative fuel, or have replaced a vehicle’s power source with an alternative fuel power source.

Here is a simple guide showing how to calculate your state tax credit and how to claim your federal.

STATE OF COLORADO

1. HB 13-1247 restructured the method for determining electric vehicle tax credits in Colorado, but it also extended these credits through the year 2021. The new formula is very simple for calculating the credit amount you would receive for your electric vehicle, and is as follows:

(Purchase price or sum of lease payments X battery capacity in kWh) ÷ 100  = State credit amount

Nissan Leaf Example:

($21,300 (base price of Leaf after $7,500 federal credit) X 24kWh) ÷ 100 = $5,112 Credit

Income 67 Colorado Innovative Motor Vehicle and Alternative Fuel Vehicle Tax Credit fact sheet.

FEDERAL

The auto dealer you purchase your vehicle from should take the $7,500 federal tax credit off the price you’re paying for the vehicle. In the case they do not, this is how you would claim your tax credit personally.

In order to receive your federal alternative vehicle tax credit, identify how much your vehicle qualifies for (Federal Tax Credit Values) and fill out the 8936 form for the IRS. Form 8936 Instructions

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What You Save in Gas

There are many variables such as how many miles you drive and how much you pay for electricity. You won’t have to go to the service shop for oil changes, saving about $30 every 3-4 months. And, at the average US electricity rate of 12 cents per kWh, you would be paying about a quarter as much for “fuel” costs—dropping your yearly fuel bill from about $1,400 to $350.

Another way to calculate your fuel savings is by comparing the operating costs per mile of a conventional vehicle with an electric one. A Nissan Leaf costs $.03/mile in fuel to operate using the average electricity rate for Colorado ($.12/kWh), while a conventional vehicle that averages 22 miles/gallon costs nearly $.159/mile in fuel to operate when using gas at $3.50 gallon – making the conventional vehicle over five times as expensive! Source

Find out how much you can save in money (and GHG) with this savings calculator.

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Impact on Electric Bill

Xcel Energy, serving much of Colorado, estimates that electricity bills will increase by one-third once electric vehicle charging is conducted at your place of residence. General Motors estimates the annual energy use of the Chevy Volt will be 2,520 kWh, which is less than that required for a typical water heater or central air conditioning.

Contact your local utility to learn about special offers that may interest you.

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Initial Costs to Buy and Set Up Home Charging

The price of currently available Level 2 residential EVSE varies but typically is in the range of $1,000 to $2,000 before incentives. Click here to find out about current incentives.

Installing costs for Level 2 EVSE also varies. Typically, installation is relatively inexpensive for homes that already have electrical service and can accommodate Level 2 EVSE. However, if an electrical service upgrade is required, the installation could be more.

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Where and How to Charge

You will likely charge your vehicle overnight at home using Level 1 or Level 2 charging. Level 1 charging requires no special equipment or installation – all you need is a standard outlet.  For Level 2 charging, you will need to purchase and install Level 2 electric vehicle supply equipment (EVSE). The cost of installing Level 2 EVSE varies considerably.

For more information about costs of EVSE installation, check out the PEV Handbook for Consumers.

Be sure to notify your utility company so that they can confirm that they are readyto reliably serve the electricity needs of your EV.

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Voltage requirements

The higher the level, the quicker the vehicle charges. The Level 1 and Level 2 chargers are typical for home use. Level 2 charging stations will be found at retail stores, restaurants and malls. Level 3 are targeted for quick charge at gas stations or other public places and are not applicable to most home installations.

  • Level 1
    • Plugs in to 110 V
    • Charges 2-5 miles per hour
  • Level 2
    • Plugs in to 208-240 V (220 V nominal)
    • Charges 10-20 miles per hour
  • Level 3
    • Plugs in to 440 V
    • Charges 60-80 miles per 20 minutes