Customers can apparently acquire the world’s “most sought-after EV,” Tesla Model 3, for only sub- $20,000 in Colorado, USA. The state government’s subsidies primarily enable the significant price reduction in promoting electric vehicle adoption to reach its electrification targets.
Apart from the state government’s EV incentives, the national government has also launched more aggressive strategies to accelerate the technology’s uptake in the country.
As EV-a2z previously reported, qualified EVs can take advantage of the federal tax credits of up to $7,500 under the Inflation Reduction Act. There are also state and other credits that effectively reduce the base purchase prices of EV models, making them more affordable for customers.
In that sense, Musk-led automaker’s offerings are among the lucky EVs that gained eligibility for the federal tax credits along with state credits owing to their “most American-made” quality.
Colorado EV incentives
Electric vehicle affordability has long been customers’ top concern in joining the transition as traditional vehicles continue to have the upper hand in pricing.
However, Tesla’s aggressive pricing strategy and offered incentives in the US and its other key markets enabled its famous Model 3 and Y to level the pricing of internal combustion engine-powered vehicles in the past few months. It does not stop there as increasingly more states are launching new sets of incentives for EV buyers.
Tesla investor @SawyerMerritt shared CPR News’ data regarding Colorado’s list of available incentives for EV buyers in the state. The list is certainly long, providing up to a $26,500 discount when buyers qualify for all of them. However, it must be noted that qualifying for all the credits will be challenging. Nonetheless, customers can secure more than $20,000 on the most easy-to-qualify EV credits. Refer to the photo attached to the Tweet below:
All that considered the famous Tesla Model 3 RWD variant can sell at only $13,740. It indicates a significant price drop of $26,500 (Colorado EV credits) from its original base price of $40,240.
However, as Tesla CEO Elon Musk emphasized, customers cannot possibly secure all the credits, at least as of now. For instance, the $5,500 rebate under Xcel Energy cannot be used along with other available credits.
“I’m told by my team that the credits are not currently stackable, so the best case is more like roughly $20k and there are significant income restrictions. Still very compelling.”
Tesla CEO Elon Musk replied to @SawyerMerritt’s Twitter/X post
Nonetheless, Colorado officials are reportedly evaluating the program to enable customers to get government credits with the Xcel incentive.
See Also:
- Tesla Model 3 now qualifies for the $7,500 EV tax credit
- Tesla Model 3 exhibits remarkable reliability in long-term ownership survey
- Tesla Model 3 and Y are the most desired electric cars among new buyers
- Tesla Model 3 price drops to $23k in California thanks to tax credits
- Gigafactory Shanghai production halt suggests Tesla Model 3 update is imminent
Unfortunately, the Xcel Energy incentive remains unattainable if used with other government credits for EV purchases. Nonetheless, lucky customers can still take advantage of an astounding $21,000 worth of credits for buying the Tesla Model 3 RWD. Therefore, they can obtain the popular Tesla EV for only $19,240.
