Ford’s Mustang Mach-E and F-150 Lightning Are Leading The Way

Two of the most thrilling electric vehicles (EVs) available today come from U.S. automotive pioneer, Ford – “The Blue Oval.” And the good news is that they may be eligible for very attractive state and federal tax credits, making them not only thrifty to drive and maintain, but major tax savers, too!

2023 Ford F-150® Lightning®
Starting at under $50k for the base Pro model, there are three increasingly more loaded versions: the XLT, LARIAT and Platinum. All F-150 Lightning versions seat up to five, boasts up to 240 miles of EPA-estimated range and an impressive towing capacity, especially with the extended range battery on higher versions.

• F-150 Lightning PRO comes with dual electric motors, Ford’s Co-Pilot 360™ 2.0 driver-assist features, A 12-inch LCD Touchscreen with SYNC 4 infotainment system, and several driving modes. Its Mega Power Frunk has four on-board 120V outlets plus USB-A and USB-C outlets – just in case you want to run your life from your F-150 Lightning! Towing capacity on its standard battery is 5,000 lbs. Of course it’s a 4×4 and has a 52.8 cubic foot cargo box.
• F-150 Lightning XLT has an available Extended-Range battery that gives the dual-motor electric pickup up to an EPA-estimated range of 320 miles with a towing capacity of 7,700 lbs. This version adds other features, too, like distinctive Signature Front Lighting, a 360-degree camera and a handy interior work surface.
• F-150 Lightning LARIAT version adds 20-inch wheels the Ford SYNC 4A with enhanced voice recognition and a 15.5-inch touchscreen, a power tailgate with Signature Rear Lighting, leather-wrapped and heated steering wheel, and leather-trimmed seats with heated and ventilated bucket seats. The FordPass™ Connect with Wi-Fi Hotspot can handle up to 10 devices.
• F-150 Lightning PLATINUM takes you to the head of the class, adding the Ford BlueCruise, Consumer Reports’ top-rated active driving assistance system that allows hands-free driving on 130,000 miles of U.S. highways, including I-25, I-70 and I-76. It has an EPA-estimated 300-mile range and will tow up to 8,500 lbs. on the extended range battery. You’ll love the Tow Technology and Max Trailer Tow Packages with advanced features.

Critics have enthused about the Ford F-150 Lightning pickup truck. AutoTrader.com gave it a place on its “10 Best Electric Cars of 2023″ list!

2023 Ford Mustang Mach-E®
Okay – we know it doesn’t look like the Mustangs of the storied past, but the Mustang Mach-E is one of the most storied cars of Ford’s electrified future. All four versions of this electric crossover – the Mach-E Select, Mach-E Premium, Mach-E California Route 1, and Mach-E GT have a five-person seating capacity, available eAWD (standard on California RT.1 and GT) and the thrilling driving experience you’d expect from a Ford Mustang.

• Mustang Mach-E Select has an EPA-estimated range of 247 miles with RWD (available AWD range is 224 miles). It gets 266 horsepower and will do zero-60 mph in 6.3 seconds. Integrate your smartphone seamlessly to the 15.5-inch touchscreen with Ford’s SYNC®4A system. Charge it up at home or on the BlueOval™ Charge Network. One unique feature is its drainable funk (EVs have front trunks – frunks) that can be filled with wet or muddy stuff and then drained or hosed out – great for tailgating! AdvanceTrac will help navigate through icy or snowy conditions.
• Mustang Mach-E Premium provides an available extended range battery; standard 250 miles/extended 310 EPA-estimated miles. Add the B&O® sound system by Bang & Olufsen® with 10 speakers (included subwoofer) and BlueCruise 1.2 hands-free driving.
• Mustang Mach-E California Route 1 puts more power and range at your disposal: 4.8 seconds to zoom from zero-60 mph and up to 312 miles on the extended range battery. Dual motors provide eAWD traction.
• Mustang Mach-E GT builds on the foundation of the lower models with a rocket-like 3.8 second zero-60 mph. The GT’s EPA-estimated range is 270 miles. The GT Performance Edition glams the GT up with unique wheels, upholstery, instrument panel and MagneRide® damping system that smooths and balances your ride even in challenging road conditions.

Edmunds.com is enthusiastic about the Mustang Mach-E: “We didn’t know what to expect when we heard Ford was cooking up an electric Mustang SUV, but we’re certainly glad it exists. With engaging driving performance, no tailpipe emissions and over-the-air software updates on a huge center touchscreen, the Mach-E drives and looks like a car of the future.”

                                                                                                                                                          How the State of Colorado Rewards Electric Vehicle Buyers and Lessees 

Most Coloradans wouldn’t pass up an opportunity to get or save as much as $5,000. It isn’t exactly chump change. That’s how much the State of Colorado is offering taxpayers if you purchase or lease a plug-in hybrid (PHEV) or battery electric vehicle (BEV). That’s in addition to up to $7,500  federal tax credit offered under the Inflation Reduction Act. It’s all part of a push to get people out of dirtier greenhouse gas-emitting vehicles and into zero-emissions vehicles.

Basic Information

Of course, terms and conditions apply – some in the “Duh!” category, but others less obvious. Here’s some top line info:

• Individual taxpayers, estates, trusts and C corporations may claim the credit on each PHEV or BEV they purchase/lease; partnerships or S corporation members may claim the credits.
• Vehicles must be new at purchase/lease and titled and registered in Colorado. Used vehicles  are not eligible.
• Manufacturer’s suggested retail price (MSRP) can’t exceed $80,000. 
• Lease agreements must initially be for at least two years and the credits go to lessees, not to lessors.
• Vehicles must weigh 8,500 lbs. or less, have four wheels and be able to go at least 55 mph.
• Vehicles must be powered “to a significant extent” by electric motors.
• Batteries must have a capacity of at least 4 kWh and be capable of being recharged from external power sources.
• Taxpayers who qualify for the credits and finance their PHEVs or BEVs can assign the credits at the time of purchase/lease to the financing entity; they won’t be able to subsequently claim the credits on their taxes. The financing entity can offer the buyers/lessees a cash payment, reduced price, reduced payments or other considerations.

There’s More

Colorado has actually made tax credits available for several years – the amounts have varied by year. And additional tax credits are coming for some vehicles beginning in January 2024 through December 2029. These credits are specifically targeted at vehicles with an MSRP under $35,000. 

While the information outlined here provides the basics, it’s very important to do your own research and perhaps consult a tax expert – we are not offering tax advice. The rules, spelled out in (almost) clear language – it’s the government, after all – are spelled out in this publication. You could also take a look at Drive Electric Colorado for more information.

Xcel Energy Rebates

In addition, Xcel Energy is offering some of its residential household customers rebates for buying or leasing pre-owned or new EVs. 

• Qualifying households must have incomes equal to or below 60% of Colorado’s median income.
• Qualifying households must be enrolled in a state financial assistance program such as the Low-Income Energy Assistance Program (LEAP)
• Eligible EVs must be bought or leased from a Colorado auto dealership.

For more information, see the Xcel Energy EV Rebate website.