Save Thousands on Your Next EV: Shop Phil Long Hyundai of Chapel Hills and Leverage Colorado Tax Incentives
Embarking on the journey to purchase an electric vehicle (EV) at Phil Long Hyundai of Chapel Hills in Colorado Springs is an exciting opportunity to embrace cutting-edge automotive technology while benefiting from substantial financial incentives. Colorado is a leader in promoting sustainable transportation, offering generous EV tax incentives that can significantly reduce the overall cost of your new vehicle. At Phil Long Hyundai of Chapel Hills, you can explore a diverse range of electric vehicles from Hyundai, a leading innovator in EV technology, designed to meet various needs and preferences, from compact city cars to spacious SUVs.Â
Our knowledgeable staff is committed to providing you with exceptional service, guiding you through the available incentives and helping you find the perfect EV to suit your lifestyle, driving habits, and budget. We understand that the transition to electric can be daunting, so we are here to make the process as smooth and enjoyable as possible. Experience the future of driving at Phil Long Hyundai of Chapel Hills, where your EV journey begins.
Colorado State EV Tax Credits
- As a Colorado taxpayer, you can benefit from a state tax credit when purchasing or leasing an electric vehicle (EV). Currently, Colorado offers a $5,000 EV tax credit for new EVs with an MSRP up to $80,000. Additionally, EVs priced under $35,000 qualify for an extra $2,500 credit. Eligible buyers can also receive a federal EV tax credit of up to $7,500.
- The Vehicle Exchange Colorado (VXC) program further assists income-qualified residents in replacing their old or high-emission vehicles with electric ones. This rebate helps cover the upfront cost when purchasing or leasing from an authorized dealer. VXC participants can receive $6,000 towards a new Battery Electric Vehicle (BEV) or Plug-in Hybrid Electric Vehicle (PHEV) priced at $80,000 or less, and $4,000 towards a used BEV or PHEV priced at $50,000 or less.
- Combine these incentives-Federal Tax Incentive + Colorado State Tax Incentive + VXC-and you could receive up to $18,500 in rebates!
Charging Costs Compared to Gas Prices
One of the major financial benefits for electric vehicle (EV) drivers is the significant reduction in charging costs compared to gasoline. In Colorado, with an average home electricity rate of $0.13 per kilowatt-hour, EV owners can save between 66% and 75% on refueling expenses compared to traditional gasoline.
What about charging while on the road? Although public charging stations may be pricier than home charging, they typically remain more cost-effective than gasoline. For detailed information on the cost of public charging stations near you, visit Plugshare.com.
Maintenance Costs
Concerned that electric vehicles (EVs) might need more maintenance than your current gas-powered car? Think again! Fully electric cars feature approximately 20 moving parts, compared to over 2,000 in traditional gas-powered vehicles. This significant reduction in parts means fewer maintenance requirements over the vehicle's lifespan, leading to lower maintenance costs.
Electric vehicles do away with the need for oil changes, transmissions and transmission fluid, timing belts, spark plugs, and other components that often require regular upkeep or repair. Additionally, regenerative braking helps extend the life of your brakes.
Home Charging
Several utility companies in Colorado, including Xcel Energy, Black Hills Energy, Holy Cross Energy, San Isabel Electric Association, and Gunnison County Electric Association, provide additional incentives for residents in their service areas. Besides offering rebates, some utilities feature "time of use" rates, allowing residential customers to benefit from lower electricity prices for overnight charging. To explore all the utility incentives available in Colorado, visit the US Department of Energy's Alternative Fuels Data Center.
At this time, the Xcel Energy and Black Hills Energy EV rebates cannot be stacked with the state tax credit.
Xcel Energy: Income-qualified residential customers are eligible for rebates of $3,000 - $5,500 towards the lease or purchase of pre-owned and new EVs. Residential customers may be eligible for a rebate of up to $1,300 on home wiring costs related to installing a Level 2 charger.Â
Holy Cross Energy: Residential customers are eligible for free chargers and will roll installation costs into your monthly bill, spreading it over 3 years to lower your upfront costs.
San Isabel Electric Association: Residential customers are eligible for a rebate towards the purchase of qualified EVs.
Gunnison County Electric Association: Residential customers are eligible for a rebate for 50% of the cost to purchase and install an EV charger, up to $1,250.
Black Hills Energy: Residential customers are eligible for a $500 rebate towards the purchase and installation of an at-home Level 2 charger. Income-qualified residential customers can receive up to $1,300 in rebates towards the purchase and installation of an at-home Level 2 charger. Residential customers who are income qualified may receive rebates of up to $3,000-$5,500 towards the purchase of a new or pre-owned EV.
United Power: Residential customers are offered the purchase and installation of a Level 2 charger at home for $19 per month, which also covers maintenance or repairs if needed. If you have your own charger, United Power offers a $1,000 rebate towards its installation.
Yampa Valley Electric Association: Residential customers can be eligible for a $250 rebate towards the purchase and installation of a Level 2 charger.
La Plata Electric Association: Residential customers can receive up to two at-home Level 2 EV chargers and up to $500 towards installation costs, or up to a $500 rebate off the price of your own at-home charger and installation costs.
Poudre Valley Rural Electric Association: Residential members qualify for up to a 50% rebate on expenses associated with buying and installing an Electric Vehicle Charger, with a maximum rebate amount of $1,000.
Buy a New Hyundai EV
If you're a Colorado taxpayer, you qualify for a state tax credit when you purchase an electric vehicle. Visit Phil Long Hyundai of Chapel Hills and shop today!
Buy A New Hyundai EVLease a New Hyundai EV
Colorado taxpayers are eligible for a state tax credit when you lease a new EV. Lease agreements must have an initial term of at least two years. Lease an EV at Phil Long Hyundai of Chapel Hills!
Lease A New Hyundai EVBuy a Used Hyundai EV
Eligible Coloradans can receive a rebate towards the purchase or lease of used BEV or PHEV. Shop with Phil Long Hyundai of Chapel Hills today!
Lease A New Hyundai EV
