Here’s everything you need to know about the new incentive.
What is the Xcel Energy program for electric cars?
The Xcel Energy plan includes five main components, according to
- Car rebates. Xcel Energy will provide a $5,500 rebate on a new electric car and a $3,00 rebate on a pre-owned electric car, for any vehicle priced under $50,000 purchased in Colorado.
- Subscriptions for home electric vehicle chargers. For a subscription fee of $13.29/month, electric car owners can have Xcel Energy install and maintain an at-homeelectric car charging port. If you don’t have the correct wiring for a charging port, rebates of up to $1,300 are available for electric work.
- Subscriptions for apartment and condo electric vehicle chargers. For Colorado residents who live in anapartmentor condo, building owners can pay the monthly electric vehicle charger fee for its residents. At no cost to the residents in the building, XCel will install and maintain electric vehicle chargers in the parking lots.
- Electric vehicle chargers for workplaces. Essentially, the exact same initiative as in homes, apartments and condos, but in Colorado workplaces, at no charge to the employees.
- Fleet electric car assistance. XCel Energy is committed to helping businesses and organizations switch to fleets of electric cars for various services as opposed to gas-powered vehicles. XCel will offer companies free cost assessments for this change and provide chargers electric vehicle charger rebates.
The program’s goal is to install 20,000 charging plugs in the next three years, and have just under a million electric vehicles on the road by 2030.
How can Colorado residents qualify?
The XCel Energy program is geared more toward
low-incomeColorado residents, but higher-income residents can still reap some benefits. Generally speaking, to qualify for the program, people must be Xcel Energy customers and permanent residents in Colorado.
To qualify for the
car rebatesportion of the program, Xcel customers must be enrolled in specific government assistance programs or have a household income below 60% of the state median (which is $35,887 for individuals and $72,331 for households). The rebate can be combined with federal tax credits, but not state tax credits.
For home electric charger wiring installation, lower income residents can qualify for a rebate of up to $1,300, but higher earners can only qualify for a $500 rebate.
But for programs like apartment, condo and business electric car charging ports, there are no income requirements and any resident or employee can enjoy the electric car benefits.
Should you get an electric car?
XCel Energy’s program in Colorado is reflective of a trend throughout the United States: electric cars are becoming more and more popular, and for a good reason! An electric car needs to fit into your lifestyle, and making the change might not be easy, but the benefits of going electric are plentiful. Electric cars:
- Save you money on gas.
- Save you money onrepair costs(because electric cars tend to cost less to maintain).
- Help you protect the environment and reduce your carbon footprint.
- Can give you a smoother driving experience.
- Cut down on oil usage.
With all of these benefits, and many states beginning to roll out plans like XCel Energy’s in Colorado to encourage electric car use, purchasing an electric vehicle is definitely something that should be on your radar.