Owning an EV not only ensures sustainable and cleaner driving but also helps you save on associated expenses. Xcel Energy has launched several rebates and programs to make EV ownership affordable, especially when it comes to a home charging stations. And Colorado is one of the states where these programs are available.
Let’s walk through how much EV owners can save with Xcel Energy in Colorado
(Note: Always refer to the Xcel Energy website for updated rebate percentage.)
Xcel Energy Rebate on Buying a Used or New EV in Colorado
Xcel Energy provides a significant rebate on new and used qualifying EVs, and is usually offered at the dealership, lowering the cost at which you purchase the car.
| Vehicle Type | Standard Rebate Amount |
| New Qualifying EV | Up to $5,500 |
| Used Qualifying EV | Up to $3,000 |
This the among the most generous utility EV incentives, helping with the initial cost barrier.
However, this program has limited funds and is offered on a first-come, first-served basis, so act quickly!
Who is Eligible?
The rebates is available to all Xcel Energy customers in Colorado who acquire or lease an EV at a Colorado-based dealership. You can even pre-qualify to the rebate before you make the purchase and the process will be smoother when you make the purchase.
Charging at Home: EV Charger and Wiring Rebate.
Installing a Level 2 charger at home can cost a lot. Luckily, Xcel Energy also addresses this concern with its rebates for EV charger and wiring installation. Installation of a Level 2 charger may involve the upgrading of your electrical panel, and the installation of new wiring (premises wiring) between your panel and the location of the charger.
Standard Customer Rebate: Eligible customers can receive a rebate of up to 500 USD to cover the cost of installing the wiring required to install a Level 2 charger.
Income-Qualified Enhanced Rebate: The customers who qualify based on some income-qualified criteria might receive an enhanced rebate up to 1200 USD.
In order to qualify to receive the charger and wiring rebate, you usually need to be enrolled in one of the EV charging rates plans offered by Xcel energy like the Optimize Your Charge.
The Panel Upgrade Rebate
In case your electrical panel in your home requires a significant upgrade to support the additional load of an EV charger, Xcel Energy will cover the incentive separately. Customers that are eligible would be provided with a rebate of up to $1,500 to upgrade their electrical panel. This could be a big financial aid, because panel upgrades often make up a big part of expenses.
Maximizing Xcel EV Charging Program Choices.
In addition to the rebates, Xcel Energy has various programs and special pricing plans that can help you to control your charging schedule and save on the amount of electricity you are currently paying. This is commonly known as a controlled or streamlined billed program.
EV Accelerate At Home Program.
Level 2 charging has two major options in this program:
Option 1: In this program Xcel Energy installs and maintains a Level 2 Charger at your home. You only need to pay a monthly fee.
Option 2: You can use your own charger to be qualified for this program.
In both options, your car is automatically set to charge during the lowest-cost, off-peak hours, and you get access to discounted energy prices.
Streamline Your Charge Pilot Program.
You can join this program and receive annual credits in case you have a qualifying Level 2 charger. In this program, you agree to let Xcel Energy occasionally adjust your charging schedule to off-peak times to manage the power grid. You can receive a credit of $50 on your energy bill annually.
Time of Day – Separate Meter Rate.
This dedicated pricing plan involves installing a dedicated meter to charge your EV only. The advantage is the high discount of 50 percent on the energy during the off-peak hours, which are usually nights and weekends. Although the upfront cost is borne by the customer, the savings ensured in the long run will be more significant.
By combining the Xcel Energy rebates for both the vehicle and the charger installation, the special charging rate plans, and state/federal tax credits, the decision to purchase an EV becomes financially compelling for Colorado residents. These programs are essential in lowering the total cost of ownership and making clean transportation accessible to more people.
How to Apply for Xcel Energy Rebates in Colorado
To know how to apply for Xcel Energy rebates in Colorado, you can visit these guidelines of the company.
However, to give you a clear starting point, here is how the application process works.
EV Purchase/Lease Rebate (of the car)
- Apply Online to receive the EV Rebate to receive a Pre-Qualification Code (particularly when applying to receive the Income-Qualified amount).
- Go to an Xcel Energy identified dealership with the code.
- The dealer deducts from the vehicle’s price, and does the paperwork.
Alternative (Post-Purchase)
- Complete the EV Rebate application form (PDF or electronic).
- Documents to be attached: Purchase/lease agreement and Colorado registration copy.
- File within 3 months of purchase/ lease date (email or mail).
- Receive a check by mail within 6-8 weeks upon approval.
EV Charger and Wiring Rebate (to install at home)
Step 1: Register with an approved Xcel Energy charging program, including Optimize Your Charge.
Step 2: Have a licensed electrician do the 240 V wiring and charger installation. Include receipts and bills of payment of the work and evidence of work by a licensed electrician.
With approval, the rebate check will be sent out within 6-8 weeks.
Income-Qualified applicants will also be contacted individually to verify income.
FAQs
1. What are charging perks with Xcel Energy?
Perks include discounted off-peak electricity rates (via special plans), rebates for home charger installation (up to $1,200+), and annual bill credits (e.g., $50) for optimizing your charging time.
2. Who can I contact with questions about charging my EV?
You may reach out to Ez EV Electric’s Customer Electric Vehicle Advisors by calling 720-774-2679 or shooting an email to frontdesk@ezevelectric.com.
3. How much does it cost to charge my EV?
It depends, however, Xcel Energy’s off-peak charging rates are discounted and you can fill the battery to drive 200 miles for the cost of $1 per gallon of gas.
4. Are there different electric prices for EV charging?
Sure, Xcel Energy has designed specific Time of Day pricing plan especially for EV charging, like the EV Accelerate At Home plan which offers significant savings for off-peak charging (nights and weekends).
5. Can the homeowner perform the home wiring work to receive the EV Charger and Wiring rebate?
No, to qualify for the EV Charger and Wiring rebate, a licensed electrician must perform the 240-volt premises wiring installation.”
Conclusion
The landscape for electric vehicle adoption in Colorado is heavily supported by robust incentives, and Xcel Energy is leading the charge with significant rebates and attractive charging programs.
By combining the Xcel Energy EV rebates in Colorado with their cost-saving xcel energy ev charging programs, residents can dramatically reduce the cost of going electric and enjoy the environmental benefits of cleaner transportation.
