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Colorado: Polis Administrations Celebrates Increased EV Incentives for New and Used Electric Vehicles

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Boulder ~ Boulder, Colorado - As the nation continues to push for cleaner and more sustainable transportation options, Colorado has taken the lead with record-breaking electric vehicle (EV) sales. Today, Governor Polis and EV industry leaders gathered at Boulder Hybrids to celebrate the increase in Vehicle Exchange Colorado (VXC) rebates, which went into effect today.

The Governor was joined by Will Toor, Executive Director of the Colorado Energy Office (CEO), and Paul Guzyk, owner of Boulder Hybrids. The VXC rebates have been increased from $6,000 to $9,000 for new EV purchases and leases, and from $4,000 to $6,000 for used EV purchases and leases. This means that eligible Coloradans can now receive up to $15,000 off the upfront cost of a new electric vehicle with state incentives alone.

Governor Polis emphasized the importance of taking advantage of these incentives and making the switch to electric vehicles. "Do not wait Coloradans," he urged. "Take advantage of our big electric vehicle rebates and save money towards your EV. I am proud to build upon our work to save Coloradans money and improve our air quality by helping them unlock savings towards a fun, efficient, and safe electric vehicle."

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Colorado's generous EV incentives have propelled the state's EV market to number one in the nation. In the third quarter of 2025, EVs made up 32.5% of new car sales in Colorado - the highest ever recorded EV market share in the country.

Toor stated that this success is due to Coloradans' desire to drive electric vehicles. "These ongoing state incentives will ensure that EVs remain affordable while keeping our market moving forward," he said. He also noted that these incentives are especially crucial as the Trump administration attempts to slow down progress in this area.

The VXC rebates are available for income-qualified Coloradans who are exchanging an old or high-emitting vehicle for a new or used EV. This includes both battery electric and plug-in hybrid electric vehicles. Participants in the VXC program can also combine their rebate with up to $6,000 in state tax credits for a new EV purchase or lease until the end of the year. This includes a $3,500 base credit and a $2,500 adder for EVs priced under $35,000. However, starting January 1, the base state tax credit will decrease to $750 while the adder for lower-cost EVs will remain.

These increased VXC rebates are crucial in making EVs accessible to income-qualified Coloradans. Since the program's launch in summer 2023, over 2,800 Coloradans have traded in their old or high-emitting vehicles to purchase or lease an EV. The VXC program is also currently the only state incentive available for used electric vehicles, providing an even more affordable option for Coloradans. So far, one in five vehicles purchased or leased with a VXC rebate has been a used vehicle.

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The now-expired federal EV tax credit was available for all EV leases, making it the best deal for some of the most popular models. This has allowed dealerships in Colorado to offer leases for as little as $19 per month in 2024. Last year, nearly half of all EVs sold in the United States were leased. With lease terms averaging 2-3 years for new cars, there is expected to be a significant influx of newer EV models into the used market over the next few years. As more used EVs become available, VXC participants will be able to take advantage of this increased incentive to purchase newer models that meet their needs at affordable prices.

The Community Access Enterprise has approved $25.6 million in funding to support this program over the first three years, with additional ongoing funding expected until June 30, 2032. The funding for this incentive increase comes from the VXC program's existing budget for the 2026 fiscal year.

With Colorado leading the way in EV sales and incentives, it is clear that the state is committed to promoting a cleaner and more sustainable future for its residents. As more Coloradans take advantage of these increased incentives, it is expected that the number of EVs on Colorado roads will continue to rise towards the goal of one million by the end of the decade.

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