Colorado is hiking electric vehicle subsidies for low- and middle-income drivers to help offset President Donald Trump’s rollback of EV tax credits, Democratic Gov. Jared Polis announced Thursday.
Starting next month, the Vehicle Exchange Colorado program will boost its point-of-sale rebate for new hybrid and electric vehicles to $9,000 from $6,000. For used EVs, the rebate will rise to $6,000 from $4,000.
The VXC program covers drivers who earn up to 80 percent of their county’s median income. Buyers must trade in a gas-powered vehicle at least 12 years old, and the rebate only can go toward new vehicles that cost less than $80,000 or used vehicles sold for less than $50,000.
The VXC rebate can stack with Colorado’s other EV subsidies, including a state tax credit that offers $3,500 to buy or lease an EV, as well as incentives from electric utilities.
