How to Buy a Chevy Bolt in Colorado for $5,500

GM began selling the groundbreaking Chevy Volt in 2016, and by 2017 it had become the second best-selling plug-in car in the United States, winning awards from Time, Motortrend, and North American Car publications. Despite some ups and downs, the Bolt remained a top performer for Chevrolet until 2023, when the company announced it would be discontinuing the EV to focus on models that feature its new Ultium battery technology.

Shortly after this announcement and the public outcry that followed, GM reversed its decision, announcing it would produce a second-generation Bolt built on the Ultium battery platform.

With an impressive 259 miles of range and a reasonable starting price tag of $26,500, the stylish and affordable Chevy Bolt EV is a great option for drivers looking to purchase their first electric vehicle.

For drivers in Colorado, the Bolt EV is especially attractive, given that it is eligible for a number of federal and Colorado state tax credits, rebates, and incentives that can potentially bring the price down to $5,500 for eligible Coloradoans.

Here’s how it works.

Chevy Bolt Savings at a Glance

Here’s a quick breakdown of your potential savings:

• Starting Price: $26,500

• Incentives
• Federal Tax Credit: $7,500
• Colorado State Tax Credit: $7,500

Or Xcel Energy EV Rebate: $5,500

• Vehicle Exchange Program: $6,000

= Potential Total Savings: $21,000

• Final Chevy Bolt EV Price: $5,500

Read on to find out more about how to qualify for each EV incentive.

Federal Tax Credit: $7500

The Inflation Reduction Act of 2022 expanded funding for the federal EV tax credit through 2032 for qualified drivers looking to purchase an electric vehicle. Applicants can receive a non-refundable tax credit of up to $7,500.

Income eligibility requirements:

• Individual: under $150,000
• Married (filing jointly): under $300,000

After January 1, 2024, the federal EV tax credit is now available as an upfront discount applied at the point of sale for qualified buyers. There is a full list of vehicles that qualify for the full or partial incentive on fueleconomy.gov.

Colorado State Tax Credit: $7500

Colorado is one of the newest states looking to accelerate EV adoption through aggressive financial incentives. The state introduced an electric vehicle tax credit for its residents in July 2023 by passing House Bill 23-1272, which allocates over $70 million towards clean energy initiatives like state electric vehicle tax credits.

Colorado drivers purchasing new electric vehicles under $80,000 MSRP now qualify for a $5,000 EV tax credit. The credit applies to both full-battery electric vehicles and plug-in hybrid electric cars and has no household income limit.

Starting in January 2024, Colorado drivers can receive an additional $2,500 tax credit on vehicles with an MSRP under $35,000, bringing the total state tax credit to $7,500.

*The Colorado tax credit will be reduced incrementally after January 1, 2025, before expiring completely on January 1, 2029. So act fast for maximum savings!

To claim your Colorado EV tax credit, drivers supply documentation of their qualifying EV purchase when filing their annual state tax returns. The credit first applies toward any state tax liabilities, with the remaining balance refunded as cash.

Because you can’t claim the credit until the following tax submission, buyers must plan to cover initial EV costs first before receiving the incentives as refunds in the following year.

Vehicle Exchange Program: $6000

Colorado also has a vehicle exchange program that offers a trade-in rebate of up to $6,000 to income-qualified residents for operational gas and diesel-powered cars that are at least 12 years old. This rebate is available at the point of sale and can be used alongside your federal and state EV tax credits.

This incentive is especially valuable if your old gas-powered vehicle is worth less than $6,000, allowing you to maximize the value you get through trading in rather than selling.

Xcel Energy EV Rebate: $5,500

Income-eligible Xcel Energy utility customers may also qualify for a $5,500 EV rebate on their purchase of a qualifying electric vehicle. The Xcel rebate cannot be used on top of the state’s tax credit, but it can be used with the federal credit and the vehicle exchange program.

Depending on how your taxes are structured, the Xcel Energy rebate may make more sense instead of the Colorado EV tax credit. Xcel Energy also offers a rebate of up to $1,000 for home EV charger installation.

Adding Up the Savings

When you add up all the available EV incentives, Colorado drivers are looking at some pretty hefty savings. With the Chevy Bolt EV starting at $26,500, Coloradans could get a new electric vehicle for $5,500. Even the Chevy Bolt EUV model, which starts at $27,800, can be reduced in price to only $6,800.

Unfortunately, navigating the incentive eligibility and application process for your Chevy Bolt can get fairly complicated. Calculating your total savings involves determining each incentive’s different tax liability, annual adjusted gross income, and family size requirements, as well as the actual value of the vehicle that you would trade in using the state’s vehicle exchange program. Trying to figure out every program you qualify for can be difficult.

That’s where EV Life comes in.

Maximize Your Savings with EV Life

When you finance your Chevy Bolt through EV Life, we'll help you determine your eligibility for the Colorado tax credit and the federal tax credit, as well as any local incentives that will save you money on your new or used EV.

When you apply for the EV Climate Loan with EV Life, here’s how it works:

• Pre-qualify for more than financing. When you pre-qualify for a loan, we help you maximize your federal and state tax credits, rebates, and other incentives you’re eligible for. We then help you apply for all the paperwork with our “turbo tax-style” incentive filing tools.
• Bundle charging. Even if you don’t qualify for the Xcel Energy home charger rebate, EV Life can help you get an instant quote for EV charging equipment installation and bundle it into your auto financing—all with one lower monthly payment.
• One low payment. Once we’ve determined every dollar available to you, EV Life will gather all your savings and apply them directly to your loan, significantly reducing your monthly payment. You won’t have to wait until tax season to get your Colorado state tax credit—we’ll apply it to your loan immediately.

Don’t navigate the complex and ever-shifting EV incentive process alone. Financing with EV Life guarantees the best purchase price and the lowest rate on your EV, saving the planet while saving your pocketbook.

Get pre-qualified today to find out how much you could save on your new Tesla.