After becoming an electric vehicle (EV) owner in Denver, you may be looking to install a Level 2 charger for fast, convenient charging at home.
But if you are holding yourself back just because of the budget, here is good news for you. You can lower the installation cost of your EV charger in Denver by taking advantage of several rebate programs.
These incentives, whether from the federal government, local utility company, or state government, are designed to maximize your savings on the equipment.
Let’s dive into the specifics of the programs available to help you save money with an electric vehicle rebate in Colorado.
Xcel Energy Rebates for EV Charging
Xcel Energy will provide the largest financial assistance to the majority of Denver homeowners.
1. EV Charger and Wiring Rebate
The rebate will be used to lower the price of the charger and the 240-volt wiring to install it.
Standard Rebate: Up to $500
Income-Qualified Rebate: up to $1,200 on eligible households.
Panel Upgrade Rebate: Up to $1,500 in case your home requires a new electrical panel.
To be eligible for rebates, you must enroll in one of the EV charging programs offered by Xcel, which involves charging during off-peak periods.
2. Xcel Energy EV Charging Programs
These programs assist in saving on your electricity bills and grid stability.
- Optimize Your Charge Pilot: Charge primarily at night and get an annual bill credit of approximately $ 50.
- EV Accelerate at Home: Xcel installs and maintains a Level 2 charger at a monthly fee, or you can use your own approved charger and still receive special rates.
- Time of Day – Separate Meter: Install a separate meter to be used only during EV charging so that the lowest off-peak rates can be recorded.
Denver City and County Specific Incentives
Also, Denver itself offers certain incentives that can be added to your utility rebates, and this will increase your overall savings.
Denver Home Wiring Upgrades Rebate.
Denver has its own specific rebate on the home wiring upgrades required for the Level 2 EV charger installation.
Standard Rebate: The City of Denver will provide rebates up to $ 500 or 80% of the cost (whichever is less) of the home wiring upgrades.
Bidirectional Charging Bonus: You can get a higher rebate of up to $ 2000 in case you install a more advanced charger, which is called bidirectional charging, also known as Vehicle-to-Grid (V2G). This is a state-of-the-art technology that enables your EV battery to export to the grid or your house, making your vehicle a mobile power station.
This is a Denver-specific rebate that you can frequently use in addition to the Xcel Energy incentives, and it will reduce your out-of-pocket costs significantly.
State and Federal EV Incentives
Even though these programs focus more on EV purchases, they still help lower your overall expenses as an EV owner.
Federal 30C Charging Equipment Tax Credit
Reimburses 30 percent of the equipment and installation of the charging.
Maximum credit: $1,000
Only eligible to homes in some qualifying census tracts, and therefore, verify eligibility before applying.
A tax credit reduces your tax payment directly, and this is a powerful advantage if you are eligible.
Colorado State EV Benefits
Colorado EV Tax Credit: $6,000 or less for a purchase or lease of a new EV.
Vehicle Exchange Colorado (VXC): Income-qualified residents who trade an older vehicle receive up to $6,000.
These savings will be used to finance your home charging system.
These state programs effectively cover the cost of EV charger installation, allowing you to afford a high-quality Level 2 charger with very little financial pressure.
The Strategic Advantage of Stacking Rebates
Understanding what rebates you can get for EV home charging isn’t just about knowing each program; it’s about combining them when it comes to installation for maximum effect.
| Incentive Provider | Target | Maximum Rebate/Credit (Standard) | Stackable? |
| Xcel Energy | Charger & Wiring | $500 | Yes, with Denver & Federal |
| Xcel Energy | Panel Upgrade | $1,500 | Yes, with Denver & Federal |
| City of Denver | Home Wiring Upgrades | $500 | Yes, with Xcel & Federal |
| Federal | Charging Equipment (30C) | $1,000 (Tax Credit) | Yes, with Xcel & Denver |
Imagine a scenario where a non-income-qualified Denver resident needs a new electrical panel and Level 2 charger installation costing $4,000.
- Xcel Energy Panel Upgrade: -$1,500
- Xcel Energy Charger & Wiring: -$500
- City of Denver Wiring Rebate: -$500
- Federal 30C Tax Credit: -$1,000 (30% of the remaining $2,000 cost is $600, capped at $1,000)
In this highly optimistic (but achievable) scenario, the homeowner could potentially offset the entire cost of installation, getting their Level 2 charging setup for free!
While individual costs and eligibility vary, the potential to save money with an electric vehicle rebate in Colorado is clearly significant.
Your Next Steps to Claiming Your Rebates
Navigating the landscape of rebates and tax credits can seem complex, but with a clear plan, you can secure every dollar you are owed.
Verify Utility Eligibility: Make sure that you are an active Xcel Energy customer. Also, get updated with their terms on EV Charger and Wiring Rebate, and the EV charging programs to which they are associated.
Check Income Qualification: Your rebates in Xcel Energy and other state programs (such as VXC) will be much greater if you are income-qualified. Review the recent income levels.
Select a Licensed Professional: The installation must be completed by a licensed electrician. They are familiar with local programs, giving you peace of mind that your installation is up to all the required code and rebate requirements.
Over to You…
So, you must have figured out what rebates Denver residents can get for EV home charging. In fact, Denver residents are in luck as they can access a range of incentives offered by Xcel Energy, the City of Denver, as well as federal tax credits. Opting for such rebates lowers the cost of EV charger installation, leading to savings.
If you want to know more about how these rebates can work, you can reach out to us at EZ EV Electric. We are a reliable EV charger installer in Denver and around.
