Supercharge Your Colorado Property: 6 EV Charging Incentives To Save Up To $37.5K

As Electric Vehicle (EV) adoption continues to rise nationwide, tenants are increasingly expecting multifamily properties to offer EV charging options, and Colorado is no exception. Fortunately, the state offers plenty of incentive programs to support the development of EV charging infrastructure.

Here’s a list of 6 key incentives and rebates available in Colorado, including Charge Ahead Colorado, that multifamily properties can access to offset investment in these EV charging amenities while future-proofing your properties.

1. Charge Ahead Colorado (CAC) Incentive Program

Rolling Application: For Up to 6 Chargers

The Charge Ahead Colorado (CAC) program offers financial support to help install Level 2 charging stations in multifamily properties and other eligible locations across the state. The rolling application is designed for properties installing up to six (6) chargers, making it ideal for small to mid-sized projects.

• Funding: Up to 80% of project costs covered, with grants ranging from $4,500 – $6,250 per charger.
• Eligible Costs: Permits, site design and engineering, electrical panel upgrades, networking, and warranty fees.
• Eligibility: Multifamily properties, workplaces, and public spaces across Colorado.
• Timeline: Projects must be completed and operational within 12 months of receiving the grant.

Standard Application: For 6+ Chargers (OPEN NOW – September 16th, 2024)

For properties planning to install more than six (6) chargers, the standard application is a perfect fit. This application opens three rounds per year with the last round of 2024 opening on September 16th.

• Funding & Eligible Costs: Same as the short application, covering up to 80% of project costs, with grants of $4,500 – $6,250 per charger.
• Timeline: Projects must be completed and operational within 12 months of receiving the grant.

With the popularity of this program, it’s important to apply early to increase the chances of securing funds.

2. Xcel Energy Rebate Program [NEW]

Xcel Energy, one of the largest utility companies in Colorado, is developing a new rebate program to support EV infrastructure and charger installations. This rebate program will be delivered through a flat fee for both infrastructure costs and hardware for Level 2 (L2) and Level 3 (DCFC) chargers.

• Funding:
  • L2 per port (non-DIC): $5,835
  • L3/DCFC per port (non-DIC): $18,250
• Eligibility & Limits: Details on the rebate eligibility and limits will be confirmed closer to the launch.
• Launch: The rebate program is expected to launch no later than January 2025.

This program will offer substantial financial support for multifamily properties and other eligible properties looking to invest in EV charging infrastructure. Keep an eye out for further details as the launch approaches.

3. Efficiency Works EV Infrastructure Rebate

Administered by Efficiency Works, this program supports the installation of Level 2 chargers in Northern Colorado, especially for properties that want to offer public access to their charging stations.

• Funding: $5,000 per charging port
• Eligibility: Level 2 chargers that are ENERGY STAR certified and Wi-Fi enabled.
• Key Benefit: Ideal for properties that want to provide public access to charging stations and meet sustainability goals.

This program is ideal for multifamily properties that want to provide public access to charging stations and meet sustainability goals while ensuring their infrastructure is future-proofed.

4. Empire Electric Association (EEA) EV Charger & Installation Rebate

Empire Electric Association (EEA) offers a rebate that covers both equipment and installation costs for Level 2 and Level 3 chargers, making it a versatile option for properties in Southwestern Colorado. This program is particularly well-suited for smaller installations at multifamily properties.

• Funding: 50% of total equipment and installation costs, up to $2,000 (for Level 2).
• Eligibility: Publicly accessible Level 2 and Level 3 chargers in Empire Electric’s service area.

This rebate is ideal for properties looking to offer essential charging services to both residents and the public while keeping costs manageable.

5. Mountain Parks Electric EV Charger Rebate

Mountain Parks Electric offers a rebate for installing Level 2 and Level 3 chargers in Northern Colorado, with a focus on smaller towns or rural areas. This program is best suited for smaller multifamily properties that want to provide public or tenant access to EV chargers.

• Funding: 50% of equipment and installation costs, up to $1,000 per charger.
• Eligibility: Level 2 and Level 3 chargers that are Wi-Fi capable and available to the public.

This rebate makes it easy for properties in rural or smaller markets to implement cost-effective EV charging solutions for tenants and visitors.

6. Federal 30C Tax Credit

The Federal 30C Alternative Fuel Vehicle Refueling Property Tax Credit, part of the Inflation Reduction Act, provides financial support for larger EV charging projects. This tax credit can be used alongside state and local incentives to further reduce costs.

• Funding: Up to 30% of project costs, with a cap of $100,000 per property.
• Eligibility: Available across Colorado for multifamily properties and businesses that install EV charging infrastructure.

Combining Federal and State Incentives

One of the most significant benefits of the 30C tax credit is that it can be combined with local incentives, such as Charge Ahead Colorado or utility rebates, to maximize your savings. For example, you can:

• Pair with Charge Ahead Colorado to reduce up to 80% of installation costs and then apply the 30C tax credit to the remaining amount, further cutting your expenses.
• Use with Efficiency Works or Empire Electric Rebate Programs to combine local utility support with federal funding for a comprehensive cost reduction.

Why SWTCH?

SWTCH is a leader in providing EV charging solutions for multifamily and commercial properties throughout North America. We specialize in helping property owners take advantage of state and federal incentives while delivering reliable and scalable EV charging systems.

How we help:

1. Design: We help determine the appropriate electrical layout and hardware options for your property.
2. Quote: We provide guidance on applicable incentives and financing options to keep costs low.
3. Install: SWTCH works with your contractor (or ours) to ensure the charging stations are properly installed and compliant with incentive requirements.
4. Manage: Our 24/7/365 energy management service ensures that your EV charging system operates smoothly.

Get Started Today

By leveraging Colorado’s state incentives, federal tax credits, and utility rebates, you can significantly reduce the costs of installing EV chargers at your multifamily property. SWTCH is here to help you navigate these programs and make the most of your available opportunities.

Ready to electrify your property? Contact us today to learn more about how SWTCH can support your EV charging needs.