Colorado Electric Vehicle Tax Credit

Colorado Electric Vehicle Tax Credit Program at Bob Penkhus Volvo in Colorado Springs, CO

Bob Penkhus Volvo Cars would like to extend information regarding the very advantageous Colorado Electric Vehicle Tax Credit program.

With our Volvo electric vehicle (EV) and plug-in hybrid lineup intact, many of these models will qualify as with other programs that seek to reward your decision in Volvo sustainability near Monument, CO.

What to Know

Across Colorado Springs and beyond our state, there's a concerted push toward incentivizing sustainability. At all levels of government and certain businesses, there's a wealth of advantages to welcome once you've decided on the Volvo marque. Our lineup includes an ever-growing selection of EVs and plug-in hybrid models that may qualify for all sorts of benefits.

While there are certain restrictions that apply, it's been our experience many new and pre-owned Volvo sustainable models for sale or lease provide just rewards. You're then left to absorb savings initiated by various programs near Parker, CO.

Purchasing a New Volvo Full-Electric Vehicle

Both current Volvo full-electric models of Volvo XC40 Recharge and Volvo C40 Recharge deliver to Colorado taxpayers certain fiscal benefits. This also includes thousands of dollars in savings for income-qualified Colorado customers of local utility companies supplying power to communities in Woodland Park, CO.

So, of consequence to the details supplied here is the enticement toward eliminating fuel consumption, and its cost to wallet and environment. The simple fact is that the whole of industry is moving toward sustainability while Volvo remains one of few marques well ahead of the curve. This is seen in first-ever full-electric models of Volvo EX90 and Volvo EX30 now available for pre-ordering.

State Level

At the state level, your new purchase or initial lease term of at least two years of Volvo C40 Recharge will provide $5,000 in tax credits. Given that such Volvo crossovers are priced under $80,000, you're likely to welcome this incentive with ease.

As well, both Xcel Energy and Black Hills Energy offer considerable savings to customers with either pre-owned or new Volvo EV acquisition. There may also be an added benefit once a dedicated charging unit is installed at home. This is likely true of federal tax advantages, too.

Federal Level

Regarding the federal-authored benefit, there's the fiscal advantage of $7,500 in federal tax credits relative to household adjusted gross income and MSRP (manufacturer's suggested retail price) of the Volvo XC40 Recharge trim.

Restrictions comprise vehicle manufacturing in North America. As well, battery components and critical minerals must be sourced from nations in partnership with the U.S. as part of the Free Trade Agreement (FTA).

Buying a Pre-Owned Volvo Full-Electric Vehicle

Pre-owned Volvo EVs may also have you qualify for federal tax credits as would a new Volvo electrified model. While dependent upon your household's adjusted gross income, there's up to $4,000 in credits to earn after your federal tax claim is filed in the year of purchase.

Bear-in-mind there are a few criterion that need to be met. First, the pre-owned Volvo XC40 Recharge that's at least two years old must have been purchased at our Volvo dealership for under $25,000. And it shouldn't have been claimed as a used-EV tax credit previously.

What to Expect

With all that's covered in fiscal savings, your choice in Volvo electrified models is both inspirational and prudent.

The former provides the peace-of-mind of doing your part for the health of our shared environment. To the latter, cash saved is like money earned especially when you've mitigated fuel from any daily routine in personal transport outside Colorado Springs.

Bob Penkhus Volvo Cars - Visit Us for More Details and Volvo Test Drives

Toward a well-informed decision made in Volvo EVs, feel free to visit our local Colorado Springs-area Volvo dealership campus. While here, you may test drive those new and pre-owned Volvo full-electric Volvo models now available.