Save Money—Upfront Purchase Cost and Over the Life of your Vehicle
With the cost of at-home charging being a fraction of the cost of gas and minimal ongoing maintenance costs for EVs, you’ll soon benefit from more savings than you would with its gas-powered equivalent. Learn more about how much you can save by driving electric.
Are EVs Expensive?
With more than 25 fully electric and plug-in hybrid models starting under $45,000 (and many under $30,000) including sedans, crossovers and SUVs, there are now EVs for many budgets. Visit our Find Your EV page, where you’ll find links to helpful resources, including an EV shopper tool. You can even compare the total cost of ownership between an EV and a similarly styled gas-powered vehicle to see the many ways EVs allow you to save.
The starting MSRP of the new Chevy Bolt, not including any purchase incentives that could reduce the cost even further.
The upcoming Chevy Silverado’s starting price once you factor in 2023 state and possible federal tax credits. Does not include destination freight charges. Subject to change.
All Coloradans Are Eligible for EV Tax Credits
If you’re a taxpayer in Colorado, you’re eligible for a state tax credit when you buy or lease an electric vehicle. Currently, the Colorado EV tax credit is valued at $2,000 when you purchase a new EV. Beginning on July 1, 2023, the Colorado EV tax credit increases to $5,000 for vehicles with MSRP up to $80,000 and beginning January 1, 2024, EVs under $35,000 MSRP will be eligible for an additional tax credit of $2,500. For those who are eligible, the federal EV tax credit can add up to an additional $7,500 in savings! Check out our tax credit infographic to see what other tax credits or rebates you may be eligible for. Note: The Colorado Energy Office does not offer tax advice. Please see a licensed tax professional for specific tax information. The Colorado Department of Revenue Taxpayer Helpline can be contacted here.
- $2,000 state tax credit
All Colorado residents are eligible for a $2,000 state tax credit when you purchase any new EV and a $1,500 tax credit with a two-year lease of any new EV. Beginning on July 1, 2023, the Colorado EV tax credit increases to $5,000 for vehicles with MSRP up to $80,000. Beginning January 1, 2024, EVs under $35,000 MSRP will be eligible for an additional tax credit of $2,500.
- See even more savings with the federal EV tax credit
Depending on the EV, Coloradans could be eligible for even more tax credits when also including the $7,500 federal tax credit for fully electric vehicles. To see eligible vehicles, click here.
- 30% off home charging
The federal government offers a tax credit of 30% off the purchase and installation of at-home Level 2 charging, up to $1,000. To learn more, click here.
Utility Incentives Can Save You Even More!
Some Colorado utility companies, like Xcel Energy, Black Hills Energy, Holy Cross Energy, San Isabel Electric Association, and Gunnison County Electric Association offer even more incentives for Coloradans who live in their service territories. In addition to rebates, some utilities also offer “time of use” rates, which reward their residential customers with reduced electricity prices for charging overnight. Visit the US Department of Energy’s Alternative Fuels Data Center to see all utility incentives currently available in Colorado.
- Xcel Energy
Income-qualified residential customers are eligible for rebates of $3,000 - $5,500 towards the lease or purchase of pre-owned and new EVs. Residential customers may be eligible for a rebate of up to $1,300 on home wiring costs related to installing a Level 2 charger.
- Holy Cross Energy
Residential customers are eligible for free chargers and will roll installation costs into your monthly bill, spreading it over 3 years to lower your upfront costs.
- San Isabel Electric Association
Residential customers are eligible for a $500 rebate towards the purchase of qualified EVs.
- Gunnison County Electric Association
Residential customers are eligible for a rebate for 50% of the cost to purchase and install an EV charger, up to $1,250.
- Black Hills Energy
Residential customers are eligible for a $500 rebate towards the purchase and installation of an at-home Level 2 charger. Income-qualified residential customers can receive up to $1,300 in rebates towards the purchase and installation of an at-home Level 2 charger. Residential customers who are income qualified may receive rebates of up to $3,000-$5,500 towards the purchase of a new or pre-owned EV.
- United Power
Residential customers are offered the purchase and installation of a Level 2 charger at home for $19 per month, which also covers maintenance or repairs if needed. If you have your own charger, United Power offers a $1,000 rebate towards its installation.
- Yampa Valley Electric Association
Residential customers can be eligible for a $250 rebate towards the purchase and installation of a Level 2 charger.
- La Plata Electric Association
Residential customers can receive up to two at-home Level 2 EV chargers and up to $500 towards installation costs, or up to a $500 rebate off the price of your own at-home charger and installation costs.
The Cost to Charge Compared to the Price of Gas
Charging costs are one of the biggest ways that EV drivers save money when switching over from a gas-powered car. In Colorado, at an average of $0.13 per kilowatt hour at home, you can save between 66% and 75% to “fill up” at home compared to the price of gasoline.
What if you’re charging on the go? While you may pay more to charge at public stations than you do at home, it’s still no more expensive than filling up with gas, and oftentimes cheaper. Visit Plugshare.com to learn more about the price of public charging near you.
- 350 miles for only $10
To completely charge an EV like the Tesla Model 3 at home, it would only cost you approximately $10.66 and will get you up to 350 miles in range. The Rivian R1T truck can fully charge for as little as $17.55.
- Goodbye high gas bills
The average gas-powered vehicle gets 27 miles per gallon, meaning that filling up your tank could cost $50 or more each time. Charging your EV will only cost a fraction of that.
- Predictably stable pricing
The price of electricity is much more stable than the price of gas, keeping your charging costs at home much more predictable and consistent than your gas budget.
Think electric vehicles come with even more maintenance than your current gas-powered car? Think again! Fully electric cars use approximately 20 moving parts, as opposed to more than 2,000 moving parts found in gas-powered cars. This means you’ll have fewer parts to maintain over your car’s lifespan, leading to lower maintenance costs.
Fully electric vehicles don’t need oil changes, transmissions and transmission fluid, timing belts, spark plugs, and other components that need regular maintenance or repair. Even your brakes last a lot longer due to regenerative braking.
- 40% less costly to maintain
Some studies have found EVs to be 40% less costly to maintain compared to gas-powered cars.
- 8 years or 100,000 miles
Federal law requires automakers to keep their EV batteries under warranty for at least 8 years or 100,000 miles, but many EV batteries are made to last 200,000 — 300,000 miles.
- 95%-98% reusable battery metals
EV batteries are made up of metals that can be reused or recycled to create a new battery. Many US-based lithium-ion recycling companies can recover 95% - 98% of critical battery materials for second-life use.