New data revealed that Colorado surpassed California in the electric vehicle (EV) market share. During the third quarter of 2024, EVs accounted for 25.3% of new vehicle sales in Colorado, edging out California’s 24.3%.
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Colorado Gov. Jared Polis credited the achievement to the state’s robust rebate programs. Those programs complement federal EV incentives established under the Inflation Reduction Act.
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“Coloradans are purchasing electric vehicles at a higher rate than any other state because they are affordable, quiet, and a great ride,” Polis said in a statement. “This new data shows that demand for EVs continues to increase and especially with competitive state and federal rebates, drastically cutting the cost of an EV and saving people money.”
Colorado residents can receive a state tax credit of up to $7,500 for qualifying EV purchases. The credit can pair with a federal rebate of up to $7,500, offering potential savings of up to $15,000.
The state provides additional incentives for those transitioning from gas-powered vehicles.
Income-qualified residents who trade in their traditional vehicles are eligible for a $6,000 rebate for a new EV or $4,000 for a used one. These rebates can be combined with the federal tax credit for further savings.
Will Toor, the executive director of Colorado’s Energy Office, said that the state’s “nation-leading progress in electric vehicle adoption” is a sign of the state’s “commitment to making electric vehicles an affordable and reliable option for Coloradans is paying off.”
He emphasized that the progress is a “key part” of Colorado’s efforts to achieve net-zero emissions by 2050.
[JACK AYLMER]
THE U.S. HAS A NEW ELECTRIC VEHICLE LEADER.
FOR YEARS, CALIFORNIA LED THE WAY WHEN IT CAME TO EV ADOPTION.
BUT RECENT DATA SHOWS COLORADO HAS NOW OVERTAKEN THE GOLDEN STATE IN THIS REGARD.
DURING THE THIRD QUARTER OF 2024, EVS MADE UP 25.3 PERCENT OF NEW VEHICLE SALES IN COLORADO-
EDGING OUT CALIFORNIA’S 24.3 PERCENT MARK.
COLORADO GOVERNOR JARED POLIS ATTRIBUTED THIS IN PART TO THE STATE’S REBATE OFFERINGS ON ELECTRIC VEHICLES-
WHICH WORK IN TANDEM WITH THE FEDERAL EV INCENTIVES PROVIDED UNDER THE INFLATION REDUCTION ACT.
RESIDENTS OF COLORADO CAN GET A STATE TAX CREDIT OF UP TO 7,500 DOLLARS ON QUALIFYING VEHICLES-
AND PAIR THAT WITH THE FEDERAL REBATE WHICH OFFERS UP TO THE SAME AMOUNT-
FOR A TOTAL SAVINGS OF 15,000 DOLLARS.
THE STATE ALSO PROVIDES INCENTIVES FOR COLORADANS LOOKING TO TURN IN THEIR OLD GAS-POWERED VEHICLES TO GO ELECTRIC.
INCOME-QUALIFIED RESIDENTS THAT EXCHANGE THEIR TRADITIONAL VEHICLES CAN TAKE ADVANTAGE OF A 6,000 REBATE FOR A NEW EV-
OR RECEIVE 4,000 DOLLARS FOR A USED ONE.
BOTH OF WHICH CAN BE COMBINED WITH THE FEDERAL TAX CREDIT AS WELL FOR ADDITIONAL SAVINGS.
THE EXECUTIVE DIRECTOR OF COLORADO’S ENERGY OFFICE SAYS THE STATE CLAIMING THE NATION’S HIGHEST ELECTRIC VEHICLE MARKET SHARE IS PROOF THEIR INCENTIVES ARE PAYING OFF-
AND THAT COLORADO’S NOW U.S.-LEADING EV ADOPTION RATE IS A KEY PART OF THE STATE’S PLAN TO ACHIEVE NET-ZERO EMISSIONS BY 2050.
TO GET MORE STORIES ABOUT THE U.S. ELECTRIC VEHICLE INDUSTRY, DOWNLOAD THE STRAIGHT ARROW NEWS APP AND SIGN UP FOR ALERTS FROM ME- JACK AYLMER.
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