The EV Shift: Colorado’s Progress and Prospects in 2023
Buckle up, because we recently conducted a study to assess Colorado's EV market share and readiness - and the data shows we're not just on the cusp of transformation; we're at the forefront of the EV current. Click here to read the full report.
The State of Driving Electric in Colorado
Colorado isn’t just embracing electric vehicles (EVs); it's orchestrating a groundbreaking shift. With light duty passenger vehicles contributing the largest source of transportation emissions in Colorado, there is much work to do. Colorado unveiled a plan in 2018 with just that ambition in mind: transition thousands of Coloradans into the electric vehicle economy by 2030, while increasing market share of light duty EVs to nearly 100% by 2050.
Five years later, Colorado's EV market share and readiness has never been better. Since launching the Colorado Electric Vehicle Plan, state agencies have led extensive efforts to ensure all Coloradans understand how they can benefit, access and participate in this transportation transformation. In 2023, we saw a significant increase in the consideration of EVs, especially when compared with 2020 data.
Colorado’s EV market share and readiness are at an all-time high:
14.5%
of all new vehicle registrations in Colorado are EVs, with more than 101,000 already on Colorado roads. (Source; Source)
50%
of non-EV owners in Colorado are considering purchasing an EV in the next five years.
$18,500
Qualified Coloradans can access up to $18,500 in EV savings by combining available tax credits and rebates. (Source)
#5
Colorado is #5 in the nation for EV sales and #3 for EV-friendly policies like vehicle incentives and charging infrastructure. (Source)
EV accessibility and awareness are on the rise in Colorado:
73%
of Coloradans are somewhat or very familiar with EVs.
66%
have electric charging options near where they park.
54%
can easily point someone to a public EV charger.
The Road Ahead – Charting Colorado’s EV Future in 2024
As we peer into the near future, Colorado's journey into the EV era promises several significant developments, each contributing to a more widespread and equitable adoption of clean transportation for a cleaner, greener tomorrow.
Widespread Deployment of Fast-Charging EV Plazas: The Colorado Energy Office's Direct Current Fast-Charging (DCFC) Plazas program, in collaboration with the Colorado Department of Transportation, is working to enhance access to high-speed charging across Colorado. The program prioritizes gaps along designated corridors and within disadvantaged communities while expanding existing sites. (Source)
Revolutionizing Purchase with Point-of-Sale Tax Credit: Starting in 2024, EV buyers may be eligible to enjoy the full $7,500 federal tax credit and a $5,000 state tax credit directly at participating dealerships at the time of purchase. Pairing this with Colorado's new $2,500 state tax credit for EVs with an MSRP of less than $35,000, and Colorado's VXC program, which offers up to a $6,000 rebate on qualifying new or used EVs - EV buyers can save up to $21,000 off the purchase of a new EV! (Source)