federal and state EV credits

Federal and State EV Rebates

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Federal and State EV rebates are now available. The Electric Vehicle rebates beginning in 2023 are in hopes to encourage drivers to transition from fossil fuels to electric vehicles. Last year, “10.5% of all new vehicles sold in Colorado were electric,” says Carrie Atiyeh with the Colorado Energy Office. Colorado has set a goal of putting 940,000 EVs in service by 2030. Currently, only 73,000 EVs are being driven. In 2023, you ‘re eligible for a $2,000 state tax credit when purchasing a new EV or $1,500 when leasing (2-year minimum).

Federal Tax Credits

1. The Federal Alternative Fuel Infrastructure Tax Credit offers consumers who purchase qualified residential fueling equipment between January 1, 2023, and December 31, 2032, a tax credit of up to $1,000.

Fueling station owners who install qualified equipment at multiple sites are allowed to use the credit towards each location. Unused credits that qualify as general business tax credits, as defined by the Internal Revenue Service (IRS), may be carried backward one year and carried forward 20 years. For more information about claiming the credit, see IRS Form 8911, which is available on the IRS Forms and Publications website.

2. Federal Electric Vehicle Tax Credits offer rebates for new and used electric vehicle purchases.

For New EVs

· Up to $7,500 tax credit

· $3,750 if the vehicle has battery components that are manufactured or assembled in North America (listed here: https://afdc.energy.gov/laws/inflation-reduction-act)

· Another $3,750 if the vehicle has critical minerals that were extracted or processed in the U.S. or countries with which the U.S. has a free trade agreement, or use critical minerals that were recycled in North America.

For Used EVs

· $4,000 or up to 30% of the vehicle price (whichever is lower)

· Only eligible for vehicles under $25,000, at least 2 years old, purchased from a dealer

· Income caps for consumers: $75,000 for single filers, $112,500 for head of household and $150,000 for joint filers.

Complete details can be found on the IRS website.

Colorado Tax Credits

· $2,000 credit received with state income tax refund for EV or PHEV — may be applied at purchase with many electric vehicle manufacturers

· $1,500 for 2-year minimum leases

· Unused tax credit can be rolled forward to future years

· For additional details, please visit Colorado FYI Income 69.

Denver Tax Credits

Denver is also offering Tax Credits Towards EV Chargers:

· Individuals/Residents a tax credit of up to $1,000 per unit (or 30% of cost) for EV Charging Equipment

· Equipment must be installed in a low-income community or non-urban area

· To learn more and apply visit the City of Denver’s EV page.

High West Electric is the preferred choice for the installation of electric vehicle charging systems for your home, business, work places, vacation homes, and any other place where you will be plugging in electric vehicles on a regular basis. We can help you navigate all EV rebates available to maximize the return on your investment.

High West Electric is based in Denver, CO, and serves the entire metro area. Our customer service-based approach ensures that each client enjoys the process from installation to the end product – no matter the size of the job. Our goal is to be YOUR electrician and offer an experience that goes Beyond the Wires. Visit our website to learn more.

home electric vehicle charging station

Home Electric Vehicle Charging Stations

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Unlike a gasoline-fueled car, one major perk of an electric vehicle is that you can plug it in to a home electric vehicle charging stations or at an EV charging station on the go.

This blog will provide answers to what is admittedly a very different infrastructure for electric cars than what you are used to with gas cars. Once you work out the basics electric cars are a cinch to charge.

What You Need To Know About Home Electric Vehicle Charging Stations

The most convenient places to charge your electric vehicle is where it will be parked most often: home and work.

There are three different levels of charging power available for electric vehicles: Level 1, Level 2, and DC fast charging.

Level 1 Charging: Level 1 charging stations operate on a 120-volt AC system. The same power as a standard household electrical outlet. Level 1 chargers take about 8 hours or more to fully charge a drained EV battery. You will commonly find them in homes.

Level 2 Charging: Level 2 charging stations are the most common chargers. They operate on a 240-volt AC system and charging a drained battery can take as little as two or three hours. Even just one hour of charging can replenish a significant amount of battery. Level 2 chargers tend to be the best popular for restaurants, retail shops, employee parking, hospitals and schools, and apartment buildings.

Direct Current Fast Charging: A third class of EV chargers is known as DC fast charging. These use DC power and can fully charge a battery in under an hour. They are very expensive and require stricter safety measures. Also, older electric vehicles aren’t compatible with them, whereas virtually any EV can plug into a Level 1 or Level 2 charger.

 Home Electric Vehicle Charging Station

At home, you’ll want a Level 2 charger, which requires 240-volt power and you’ll want it located reasonably close to the car. This needs to be installed by a qualified electrician.

The 240-volt electricity is generally easy to add to a garage. The plug needed for a charger is the same as an electric clothes dryer. While there obviously is an expense to have one installed by a qualified electrician, the state and federal rebates for owning an electric vehicle can be significant. Xcel Energy offers a home electric vehicle charging station rebate as well.

The car charger plugs into your 240-volt outlet and features a cable that plugs into your car. Longer cables are available for most chargers for drivers who need the charger inside a garage but must park outside.

An electric vehicle charging station requires a licensed electrician. High West Electric has extensive experience with installing home electric vehicle charging stations. We can help you choose the best option and educate you on all the incentives and rebates available once installed. At High West Electric we help homeowners and businesses tackle electrical projects and issues to create safe, efficient and comfortable spaces. We go beyond the wires to professionally assess electrical systems, troubleshoot issues, and deliver safe, smart solutions. Contact us today for a free estimate on a home electric vehicle charging station.