Electric Vehicle Resources and Information

Owners of electric vehicles may qualify for up to $7,500 for the federal tax credit and up to $2,500 for the Colorado state tax credit. The exact amount of your tax credits will depend on your EV/PHEV model selection, your tax liability, and whether you purchase or lease the vehicle. Consult your tax advisor about your ability to receive tax credits, your eligibility, and how to get them. Tax credits are the highest they will be today and will decline in the future, so now is the time to consider purchasing an electric vehicle.

The table below provides a list of electric vehicle and plug-in hybrid electric vehicle models, and an estimate of the cost for the base model vehicle before and after the federal and state credits. The range is also included; for EVs, that is the average miles the car gets on a full charge, and for PHEVs, the range is how many miles the car gets on battery only (before and excluding the internal combustion engine mileage range). Federal and state tax credits, and MSRP are subject to change and vary based on packages and model type. Please speak with your local dealership and your tax advisor to confirm.

As a reminder, once a manufacturer sells 200,000 EVs or PHEVs, the federal tax credit is ramped down to $0. For example, Tesla and GM have reached their quota, and Federal Tax Credits are no longer available for their EV models.

Electricity is cheaper than gasoline. In March 2017, the U.S. Department of Energy completed a study that found driving an electric vehicle costs half as much as driving a conventional gas vehicle. For example, on average the cost of one gallon of gasoline is $2.32, where the cost of an equivalent gallon of electricity is $1.11. In addition, the Union of Concerned Scientists published a report that estimates $558 savings per year on fuel costs.

Maintenance is another key point to understand when thinking about cost of ownership. There are big cost saving opportunities here, as electric vehicles require less maintenance compared to internal combustion engine vehicles.

The time it takes to fully charge your EV is based on the level, or speed, of charging. The chart below depicts the different types of charging. A benefit of all-electric vehicles is the convenience of charging your vehicle at home overnight and never needing to go to a public gas station again!

As depicted in the chart above, EV owners who want to charge at home will either use a Level 1 or Level 2 charging option. Level 1 charging occurs through a 120 volt plug which is the standard outlet for homes in the U.S. If you already have an outlet in your garage, this type of charging is convenient and low cost. However, you do need a dedicated branch circuit and we recommend speaking with an electrician to ensure safety and proper connectivity. Some EV owners choose to purchase a Level 2 charging station which charges through a 240 Volt AC plug (like a dryer or stove plug). On average, the cost for the Level 2 equipment and service is $1,000.

Popular Examples of Home Level 2 EV Charging Stations

Disclaimer – Boulder County is a local government and does not endorse any products or services. The chargers listed below are a sample of home chargers to provide EV owners with a ballpark picture of cost and style. There are many more available home chargers on the market.

In addition to the tax credits available for the purchase of electric vehicles, there is a tax credit available for residents to offset the cost of home charging equipment and installation. The Federal EV Charging Tax Credit covers 30% of a home EV charging station equipment and installation costs up to $1,000. The installation must occur before December 31, 2021 to be able to claim the credit on your federal tax return. Consult your tax advisor about your ability to receive the tax credit, your eligibility, and how to get it.

It’s important to choose an electrician who is licensed and insured. We recommend choosing an electrician who is knowledgeable about electric vehicles and the associated equipment when installing charging at home. Check out Xcel Energy’s list of pre-qualified contractors. In order to be featured on Xcel’s list, electricians need to have valid licenses, insurance, certifications, and take Xcel’s EV Training with a score of 80% or higher. You can read more about the vetting process here.

While most EV and PHEV owners choose to charge their vehicles at home, there are many charging options around town for convenient fueling on-the-go. Charging stations can be found while running errands such as grocery store, retail, library, gym, and restaurant locations. Be sure to ask your employer about workplace charging too.

Plugshare is a free phone app and website that helps EV owners locate charging stations. It is considered the most up-to-date and comprehensive platform for public charging. Plugshare also provides the ability to reserve a charging station, filter which level of charging station you want (i.e. Level 1, 2, or 3), filter which stations are compatible with your vehicle, and receive notifications when new charging stations have been installed nearby. For more information, visit the PlugShare customer support page.