According to data released last week, Colorado now ranks first in the nation in electric vehicle sales. Just over 25 percent of vehicles sold in the state are EVs, putting us slightly ahead of California for the first time.

The reason? In a nutshell, EVs are insanely affordable here in Colorado. And I’m not just saying they’re relatively affordable, considering they’re electric. No, certain EV models literally cost less than a comparable gas car – and the deals on leased EVs are even better.

Generous state incentives, stacked on top of a federal tax credit, are fueling this windfall for EV buyers. But the window for the lowest prices will soon close, so if an EV is right for your lifestyle and you’re ready to pull the trigger, don’t wait.

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A year ago I would have thought the only way I’d ever get behind the wheel of a new car was if I won the lottery. I’d always bought my cars used, never for more than $10,000, and I certainly never considered leasing.

But sometime around the middle of this year, the economics of new EVs flipped, especially for leases. The advertisements for certain models – notably the smaller ones like Nissan Leafs and Ariyas, and Hyundai Ioniqs – were looking like offers you couldn’t refuse.

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I ran the numbers, checked the fine print, haggled a fair bit, and in September I drove away with a 2025 Nissan Leaf SV on a two-year lease for $129 a month, with nothing down. I had been intending to buy my son a cheap used car for college, but even factoring in the extra sales tax and insurance, it was cheaper to lease a new Leaf and lend him my old car.

Sure, the Leaf is more of an economy EV. Its range is 220 miles in good weather, and it doesn’t charge as fast as the fancier EVs. But I’m here to tell you: even the cheapest EV is as peppy to drive as a high-end gas car, costs a third as much to refuel, and doesn’t need oil changes. (It also doesn’t have a radiator, transmission, exhaust system, starter motor or various other components that need to be maintained in a gas car.)

The sales figures released last week indicate that a lot of Coloradans are jumping on the EV bandwagon, lured as I was by the rock-bottom price of entry.

Since last summer, Colorado residents have been able to claim a $5,000 state tax credit on the purchase of a new EV ($7,500 if the car retails for less than $35,000). Depending on where the vehicle and its battery pack were manufactured, they’re also eligible for a federal tax credit of up to $7,500. On top of that, those who meet income qualifications can get an extra $6,000 for trading in their old gas-powered clunker through the Colorado Vehicle Exchange (CVX) Program.

The cherry on top is that many dealers will do the paperwork so you can claim these credits as an instant rebate at the time of purchase – no need to wait till tax time to get your refund.

Colorado’s incentives are part of a deliberate strategy to kickstart the electric vehicle market in the state, aiming to put almost a million EVs on the road by 2030. Garfield Clean Energy has set a corresponding goal of 15% of all registered vehicles in the county being EVs by 2030. As such, the legislature designed its policy to be a short-lived stimulus, and that’s why the tax credit is set to decrease by $1,500 on Jan. 1. Meanwhile, there’s a good chance that the incoming administration will further tighten restrictions around the federal tax credit, and Congress could even eliminate it.

In other words, the incentives on offer right now are probably as good as they’ll ever be.

There are a few reasons why leasing is a particularly screaming deal right now. First, a quirk in the law allows dealers to claim the full $7,500 tax credit on a leased EV regardless of where it was manufactured or where its battery was sourced. If I had bought my Nissan Leaf I wouldn’t have gotten the credit, but by leasing it I did. Go figure.

Second, when you lease a vehicle, the incentives get applied to the two- or three-year lease contract amount. Proportionately, that results in a much bigger price cut than if the same incentives were applied to the full cost of the vehicle.

Third, many auto manufacturers overproduced EVs this year, and leasing is a quick way to move excess inventory. And because Colorado has the best incentives in the nation, they’re shipping a lot of them here to lease at fire sale prices. Their loss is our gain.

Finally, a word about used EVs. Don’t assume a used low-mileage EV will cost less than a new one, because sellers aren’t necessarily reducing their prices in line with what new cars are now going for. That said, the used EV market is growing, and today’s inexpensive new EVs will become the inexpensive used EVs of tomorrow. The incentives are pretty good for used EVs, too, and they won’t change on Jan. 1.

You’ll notice I haven’t said anything about the environmental benefits of EVs. They are significant, and they’ll only get better as the electricity grid gets cleaner. I love the idea of driving a car that’s becoming less polluting over time. But that doesn’t have to be your motivation. If you’re in the market for a car now, an EV is worth considering on price and quality alone. Cleaner air gets thrown in for free.

Dave Reed is communications director for CLEER (Clean Energy Economy for the Region), the nonprofit that manages the programs of Garfield Clean Energy.