I’ve written previously about the great incentives Coloradans have to purchase an electric vehicle. It just got even better for low-income Coloradans: an additional $5,500 rebate from Xcel Energy. While many readers of this blog may not qualify (because your income is too high), some of you might. And almost all of you will know someone who does qualify and you should let them know. Any Xcel Energy customers earning less than 60% of Colorado’s median income, 200% of the Federal Poverty Level, or 80% of their county’s area median income qualify for the $5,500. (You just have to meet one of those qualifications. It looks like Total Income, line 9 of your federal return, is what they use, not AGI).
I don’t know what they are using for Colorado’s median income, but you can use this link to see what 80% of your county’s median income is for your household size (or this link for Federal Poverty Level, then multiply by 2). For example, here’s the income limit in a few selected counties for a few selected household sizes (using the Colorado county 80% of median income qualification):
| County | 1 Person Household | 2 Person Household | 3 Person Household | 4 Person Household |
| Adams | $69,520 | $79,440 | $89,360 | $99,280 |
| Boulder | $74,400 | $85,040 | $95,680 | $106,240 |
| Denver | $69,520 | $79,440 | $95,680 | $99,280 |
| Douglas | $69,520 | $79,440 | $95,680 | $99,280 |
| Larimer | $63,680 | $72,720 | $81,840 | $90,880 |
| Mesa | $48,720 | $55,680 | $62,640 | $69,600 |
| Park | $69,520 | $79,440 | $95,680 | $99,280 |
| Weld | $58,720 | $67,120 | $75,520 | $83,840 |
Again, look up your county here. Since many folks reading this are Colorado teachers, some of you will qualify (particularly those in your first few years of teaching) and many of the paraprofessionals or other people you know will as well. This means you could get as much as $26,500 in rebates. Here are how the rebates “stack”:
- $7,500 Federal Tax Credit for select models
- $5,000 Colorado Tax Credit for all EVs up to MSRP of $80,000.
- $2,500 Additional Colorado Tax Credit for EVs with MSRP less than $35,000
- $5,500 Xcel Energy Rebate for Low Income Coloradans (less than 80% of median household income for your county). Note that Xcel’s page still says it isn’t “stackable” with the Colorado Tax Credit, but that just changed.
- $6,000 Colorado Rebate for exchanging an older vehicle (same 80% of median income requirement, vehicle has to be model year 2012 or older or fails an emission test)
Obviously, not everyone will qualify for all of these incentives. Let’s take a look at a few EVs and see what they might cost. For each EV I’ll note the cost for all Coloradans, then for Low Income Coloradans who have Xcel Energy, and then for Low Income Coloradans with Xcel Energy who also have a qualifying vehicle they can exchange. (I’ve bolded all the ones that come in under $20,000 if you qualify for all the incentives.)
| Make & Model | All Coloradans | Low Income Coloradans (with Xcel) | Low Income with Xcel & Vehicle Exchange |
| Chevy Blazer EV | $32,500 | $27,000 | $21,000 |
| Chevy Bolt EUV | $20,185 | $14,685 | $8,685 |
| Chevy Equinox EV | $30,795 | $25,295 | $19,295 |
| Ford F-150 Lightning | $44,615 | $39,115 | $33,115 |
| Honda Prologue | $39,200 | $33,700 | $27,700 |
| Hyundai Ioniq 5 | $38,715 | $33,215 | $27,215 |
| Hyundai Ioniq 6 | $38,010 | $32,510 | $26,510 |
| Hyundai Kona | $26,665 | $21,165 | $15,165 |
| Kia Niro EV | $35,975 | $30,475 | $24,475 |
| Nissan Leaf | $15,030 | $9,530 | $4,530 |
| Nissan Arriya | $39,770 | $34,270 | $28,270 |
| Tesla Model 3 Performance | $40,490 | $34,990 | $28,990 |
| Tesla Model Y RWD | $30,490 | $24,990 | $18,990 |
| Tesla Model Y AWD | $35,490 | $29,990 | $23,990 |
| Volkswagen ID 4 | $33,631 | $28,131 | $22,131 |
When you factor in fuel and maintenance savings, some Coloradans could actually purchase a new car (Bolt EUV, Leaf) and come out ahead (within a couple of years)! If you are looking for a new car, every Coloradan should consider an EV. If you – or someone you know – is an Xcel Energy customer and qualifies as low income – then you really, really should consider an EV. Please consider sharing this with other Coloradans you know.
Update Later on 4-26: The original listed price for the Equinox EV was incorrect. I did a search for Equinox EV in Chevy’s inventory, but didn’t realize it returned the regular Equinox. Apologies.
Fisch Financial 