Denver Implements Electric Bike Rebate Policy
Beginning April 22, Denver, Colorado, will offer a tax incentive for residents to purchase e-bikes.
You can get a $400 rebate if you buy a regular e-bike, and an extra $500 if you buy a cargo e-bike.
Denver, Colorado, residents can now purchase e-bikes at a lower cost starting April 22.
The city recently announced the best city-wide tax rebate for e-bike buyers in the U.S.: A $400 rebate for regular e-bikes and an extra $500 rebate for cargo e-bikes. Some residents may qualify for an even higher rebate, up to $1,200, depending on their income level. Even better, the rebate is instant, so you can apply before you buy and bring your voucher to one of the participating bike shops in the city.
The new program, which takes effect on April 22, is part of Denver's Climate Action Rebate Program, which provides rebates for environmentally friendly installations such as solar panels or electric car chargers. A growing number of people are considering swapping their cars for e-bikes -or at least, switching one of their cars for an e-bike- and many cities are incentivizing people to make the switch. (As if the rising price of gas wasn't enough.)
You may be wondering whether an e-bike could replace your car if you live in Denver. Thanks to local manufacturer FattE-Bikes, Denver has an e-bike lending library with 30 e-bikes available for borrow. "We already have Denver residents coming in announcing that they're giving up their cars for e-bikes," the brand tweeted this week, demonstrating that there is a lot of interest in making the switch from gasoline to pedal power.
Will California be the next state to implement an e-bike rebate policy?
The popularity of electric bicycles has soared in recent years, and a tax credit in Democrats' $1.75 trillion Build Back Better bill may fuel their rise even more.
The House of Representatives version of the social safety net and climate bill offers some Americans a fully refundable, 30% tax credit on the purchase of certain e-bikes.
Rep. Jimmy Panetta, D-Calif., who earlier this year introduced separate legislation to incentivize e-bike purchases, is one of the champions of the e-bike credit in Congress. As a low-carbon mode of transportation that can replace some short-distance car trips, Panetta and other advocates say e-bikes are crucial to U.S. efforts to fight climate change.
"We wanted to put electric bikes right there with electric vehicles and e-buses so that we could demonstrate that we can reduce our carbon footprint in the transportation sector," Panetta told CNBC.
The Environmental Protection Agency reports that transportation accounted for 29% of U.S. greenhouse gas emissions in 2019. This is the largest sector among all, with electricity production and industrial activity checking in at 25% and 23%, respectively.
In his remarks, Panetta said Democrats want the Infrastructure Investment and Jobs Act, which is already law, as well as the Build Back Better Act, which would fund Democratic social and spending priorities, to facilitate the transition to more sustainable transportation. According to him, the e-bike tax credit is an essential part of those efforts.