Nissan LEAF

Nissan LEAF

Thanks to the approval of the SWEEP's HB 1332 bill, Colorado now has a simple, flat $5,000 credit program available for purchasing an electric car, in place of the previously more complicated system.

Because the credits are now also assignable to a car dealer or finance company, this effectively turns them into a point of sale incentive for consumers - a big plus.

On the negative side, the old program could net a credit of up to $6,000.

SWEEP is Southwest Energy Efficiency Project Public interest org that advances energy efficiency policy in Arizona, Colorado, Nevada, New Mexico, Utah & Wyoming

SWEEP calls this new approach the best in the nation, and soon we will probably see the proof in increased sales.

"Colorado Improves Electric Vehicle Incentives with $5,000 Tax Credit

On May 4, the Colorado legislature approved HB 1332, a bill that dramatically improves the state’s alternative fuel vehicle tax credits. It simplifies a complex formula, setting a flat $5,000 credit for the purchase of a light duty electric vehicle (EV). Most importantly, it makes the credits assignable to a car dealer or finance company, which will effectively turn them into a point of sale incentive. This makes the Colorado incentive the best in the nation, combining one of the highest tax credits with a point of sale option, and is expected  to significantly increase EV sales. SWEEP proposed the concept of assignable tax credits and helped build broad support for the legislation.

- Click here for a copy of HB 1332"

$5,000 on top of the federal tax credit of $7,500 translates to $12,500 - about a third off the median starting electric car price in America.

source: Autoblog

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