Colorado’s electric bicycle program, initiated by the Colorado Energy Office in August of last year, has been met with enthusiastic response, and as of now, the program’s initial funds have been completely exhausted. This statewide initiative provides residents with discounts in the form of rebates to encourage the purchase of electric bicycles.
According to the program, all residents applying for at least a $500 discount are eligible to participate, and they can redeem the discount at specific online and physical retailers. Residents meeting income criteria can even receive vouchers worth $1,100. Additionally, the state provides extra cash to reduce the costs of accessories such as goods, adaptive electric bicycles, helmets, and locks.
However, the program’s popularity exceeded expectations. Although it was anticipated to continue until February or March 2024, it has, in reality, exhausted its funding of $6.6 million. As of now, the program has assisted 4,520 residents in purchasing electric bicycles, with a total of $5,417,300 in discounts distributed. 87% of beneficiaries in this program have redeemed the discount, including 92% of low-income beneficiaries.
To reassess the remaining funds and temporarily halt the program, the state has selected 400 individuals from the recent application pool to receive the remaining funds. Simultaneously, Colorado plans to reallocate $1.8 million from a grant program aimed at encouraging local governments to establish their own electric bicycle rebate programs to provide funding for this initiative.
While Colorado is concluding this rebate program, the long-term plan for subsidizing electric bicycles is just beginning. Starting from April of this year, all Colorado residents will be eligible for a $450 state tax credit as a sales point discount at authorized bicycle retailers, and this incentive program will continue, offering discounts until 2032.
