COLORADO, USA — Colorado is getting ready to roll out a big discount for e-bikes. Starting on Monday, you could get hundreds of dollars off of a new purchase.
Every single person living in Colorado qualifies for this tax credit. The only requirements are you have to live in Colorado, go to a participating retailer and get a qualified e-bike.
There are no income requirements or restrictions.
The tax credit is $450 toward the purchase of a new e-bike and you get that discount when you buy the bike. You can only get this tax credit starting on Monday, April 1.
It does not count toward any previous purchases and you can only get it once per year.
Program Manager at the Colorado Energy Office (CEO) Sarah Thorne said e-bikes are a great way to reduce our carbon footprint.
"They allow people to get from point A to point B in a way that they maybe wouldn’t on a regular bike," said Thorne. "A bunch of different studies have come out in the last couple of weeks about e-bikes and they are one of the most environmentally friendly transportation options."
Thorne said the tax credit is a long-term program that's replacing the state's income-qualified rebate program.
Between August 2023 and February 2024, the Colorado Energy Office said 5,557 new e-bike purchases were made. This year they're anticipating 17,000 e-bikes to be sold through the new tax credit.
In Spring 2021, CEO created an e-bike pilot program before the statewide rebate program. They found e-bikes help reduce the amount of pollution in the air.
"Over the course of six months, we had about 163 participants and they were able to reduce their impact on the environment," said Thorne. "It was about 20,000 pounds of greenhouse gas emissions avoided."
If you live in Denver and have received a local rebate from the city and county, you cannot combine it with the state tax credit. However, Thorne said they're allowing people who received a state rebate to combine that with the tax credit.
The e-bike tax credit was created with the passage of HB23-1272 last year. It'll be available through 2032.
Here's a list of participating retailers online.
Thorne said the list is self-reported and may not include every available retailer. She said she anticipates more businesses will join in the coming months. Retailers interested in offering the tax credit must register with the Colorado Department of Revenue.
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