If you're looking to buy an electric vehicle, Denver7 has what you need to know before significant federal tax credits expire at the end of September.

Denver

Federal tax credits of up to $7,500 for new electric vehicles and $4,000 for used EVs are set to expire at the end of September, according to Colorado officials. State leaders are urging those considering an EV purchase to act before these federal incentives end, as they believe this period offers the best opportunity for buyers in the near future.

While Colorado will continue to offer state-level incentives ranging from $3,500 to $6,000, officials and industry representatives are concerned that the loss of federal credits could reduce enthusiasm and sales for electric vehicles. The state is exploring ways to address the gap, but budget constraints may limit options. Meanwhile, infrastructure improvements such as new EV charging stations at Ball Arena are being implemented to support current and future EV owners.

How Trump's 'Big, Beautiful Bill' could impact EV car sales

The state says now is the time to buy an EV because by the end of September you can no longer claim a federal $7,500 tax credit for new electric vehicles or up to 4,000 for a used EV This is with new changes from the big beautiful bill And it's why state leaders I talked to told me that if you want to get an EV you might want to get moving. I would really encourage anybody who has been thinking or wondering about getting an EV Now is the time to do it. The next three months are going to be the best that you're gonna get for a long time. So it is important to note that state credits are still in place anywhere from $3,500 to $6,000 depending on what kind of car and price point that you go for. There is also a program for lower income families to exchange an old gas car with an EV here in Colorado. Now while the governor's office has said Colorado leads the way in EV car sales, the head of the Energy Office is worried this change could eat away at that enthusiasm. I also asked the Colorado Automobile Dealers Association. They're kind of expecting the same thing for EV sales to drop. But dealers are coordinating right now for a response to come up with some options to keep them affordable. They also pointed out that tax credits don't live in a vacuum. You got to take into account high interest rates and regulatory requirements as well. The state is also looking at options to fill this gap, but they also acknowledge that the state budget is very tight right now. So if you do choose to buy an EV or if you already have one you'll see a lot of new EV chargers the next time you go to Ball Arena. 60 ports are now going to be up and running. They're available for people going to events at Ball Arena as well as the general public.

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