Colorado’s new electric vehicle exchange program starts Thursday morning

COLORADO SPRINGS, Colo. (KRDO) -- Drivers can now start applying for incentives to trade in their gasoline-powered vehicles for cleaner, more efficient electric vehicles (EVs).

At 9 a.m. Thursday, the state's new Vehicle Exchange Program begins; it's intended to provide rebates that will help cover the up-front costs of buying or leasing an EV.

Experts say that as of a month ago, the average cost of an EV was $53,469.

Drivers who qualify for the program will receive a rebate of $4,000 to $6,000 for a used or new EV, respectively, at the time of acquisition from an authorized dealer.

The program also allows drivers, in some instances, to combine those rebates with state and federal tax rebates; some utility companies provide EV rebates, as well.

 A goal of the ten-year program is to increase the number of EVs on Colorado roads to more than 940,000; currently, the number stands at just under 73,000.

 For more information, visit: https://energyoffice.colorado.gov/vehicle-exchange-colorado.