Nearly free EV for Coloradans after tax rebate?

[EMF]

I just started investigating this concept and I think it could be a good deal. However, I am not so sure about the reliability/skill of the company where i read about it, especially after watching their video. I don't like the way they did the under hood components. Anyway, the main point of interest for those of us in Colorado is a tax credit, that I was not aware of. They show as an example a Geo Metro that after tax credits nets out to about 5 grand. Not bad. There is a PDF of the law on their website. Here is a blurb from the Ree-V website. http://www.ree-v.com/ I was also thinking, maybe a guy could do the conversion himself and just keep proper records of the task, then claim it on the tax form. I don't know yet.

A government link with more info: http://www.afdc.energy.gov/afdc/progs/view_ind.php/CO/5246

Specs
Vehicle: 1995 Geo Metro
System: 144 V
Batteries: 12 Trojan T-1275 (12 V)
Motor: Advanced Motors DC 203-06-4001
Controller: Curtis 1231C-8601
Top Speed: 70 mph
Range: 25-35 miles
Features: Reinforced shocks, new wheels and tires, new interior, new AM/FM CD player, new paint

In Colorado, we can utilize the Alternative Fuel Vehicle Tax Credit to save you up to 100% of the cost of an electric conversion, reimbursed through your state income tax (or direct rebates for state vehicles and tax exempt organizations). You pay the conversion cost up front, and over the next five years, you receive a state income tax credit for up to the whole amount. So if your state income tax liability is $3000/year, you'll get $15,000 back. If your tax liability is $2000/year, you'll be able to recoup $10,000 of the cost of the conversion.

At any rate, this alternative tax credit should be one of interest for those that want to try and justify some sort of a conversion vehicle. Perhaps a member here can enlighten us in more depth. In addition, maybe there are other states with similar programs that we could share.