- Colorado now leads the nation in EV sales, with electric vehicles making up 25.3% of new vehicle sales in the third quarter of 2024, 82% being fully electric.
- Colorado residents can access up to $12,500 in state and federal EV tax credits, with additional rebates for income-qualified buyers.
- Over 5,500 public charging ports are available in Colorado, with plans for 576 more in 2024 supported by $5 million in funding.
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Colorado has surged past California to claim the top spot for EV sales, according to newly released data from the Northeast States for Coordinated Air Use Management (NESCAUM). In the third quarter of 2024, electric vehicles made up 25.3% of new vehicle sales in the state, with 82% of those being fully electric (BEV) and the remainder plug-in hybrids (PHEV).
This achievement reflects a growing consumer demand fueled by affordability, strong incentives, an expanding charging infrastructure, and the anticipated 50% reduction in EV battery costs by 2026.
Governor Jared Polis attributed this success to the benefits electric vehicles (EVs) offer residents, stating, “Coloradans are purchasing electric vehicles at a higher rate than any other state because they are affordable, quiet, and a great ride. EVs are helping us reach our bold climate goals and protect our clean air.”
He also highlighted how competitive state and federal rebates drastically reduce costs, enabling more people to make the switch.
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Top Selling EVs in Eastern and Western ZEV States
In the Eastern ZEV States (including CT, DC, DE, MA, MD, ME, MN, NJ, NY, RI, VA, and VT), the Tesla Model Y leads in EV sales with 53,417 units sold through Q1–Q3 of 2024. The Tesla Model 3 follows with 18,021 units, while models like the Jeep Wrangler (14,481 units) and Toyota RAV4 Prime (8,456 units) also rank highly.
Other notable mentions include the Ford Mustang Mach-E (5,430 units) and the Hyundai IONIQ 5 (5,015 units), driven by cheap lease deals and 0% financing deals.
Meanwhile, in the Western ZEV States, a region that includes CA, CO, NM, NV, OR, and WA, the Tesla Model Y reigns supreme with a staggering 128,818 units sold. The Tesla Model 3 comes in second with 47,984 units, while the Hyundai IONIQ 5 (18,042 units) and Toyota RAV4 Prime (12,107 units) also see strong sales. The introduction of the Tesla Cybertruck has already broken the internet, with 9,850 units sold in Western states alone.
Colorado Offers EV Buyers Up to $12,500 in Tax Credits and Rebates
The incentives available to Coloradans are a driving force behind the state’s EV market share. Currently, buyers can take advantage of a $5,000 state tax credit for new EVs priced under $80,000, with an additional $2,500 available for models under $35,000.
Income-qualified individuals trading in high-emission vehicles can secure up to $6,000 for a new EV purchase or lease through the Vehicle Exchange Colorado program.
On top of state benefits, federal tax credits further sweeten the deal. New EV buyers may qualify for $7,500 in federal tax credits, while used EV purchases can earn $4,000. This layered approach ensures affordability across income levels and encourages widespread adoption.
Will Toor, Executive Director of the Colorado Energy Office, stressed the state’s commitment to clean transportation: “Between investments in charging infrastructure and generous incentives to bring down purchase and lease costs, our commitment to making electric vehicles an affordable and reliable option for Coloradans is paying off. Whether you’re in a rural or urban community, electric vehicles are everywhere in Colorado, saving Coloradans money and improving air quality across our state.”
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Colorado Adds 576 Charging Ports to Support EV Growth
Colorado’s charging infrastructure is keeping pace with the rise in EV sales. With over 5,500 publicly available charging ports across the state and plans for 576 more through the Charge Ahead Colorado program, the state is ensuring that EV owners can confidently travel without range anxiety.
The program, backed by more than $5 million in funding for 2024, is critical in making EV ownership practical and convenient for residents statewide.
Switch to an EV Before Tax Credits Drop in 2025
Colorado’s growing EV market share supports its goal of achieving net-zero emissions by 2050.
“Colorado’s nation-leading progress in electric vehicle adoption is a key part of our ambitious efforts to achieve net-zero emissions,” Toor explained, tying the adoption of clean vehicles directly to the state’s climate strategy.
While the state’s commitment is clear, timing matters for residents considering a switch to electric. The current $5,000 state tax credit will decrease to $3,500 in 2025. Governor Polis highlighted the urgency, noting, “This new data shows that demand for EVs continues to increase… saving people money and improving our quality of life.”
Switch to an EV to start seeing savings on fuel and maintenance and take advantage of great tax incentives.
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SOURCE | IMAGES: COLORADO ENERGY OFFICE
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