(1) The director may make grants from the Conversion to Alternative Fuel Grant Program Fund created in Section 19-1-403.3 to a person who installs conversion equipment on an eligible vehicle as described in this part.
(2) A person who installs conversion equipment on an eligible vehicle:
(a) may apply to the division for a grant to offset the cost of installation; and
(b) shall pass along any savings on the cost of conversion equipment to the owner of the eligible vehicle being converted in the amount of grant money received.
(3) As a condition for receiving the grant, a person who installs conversion equipment shall agree to:
(a) provide information to the division about the eligible vehicle to be converted with the grant proceeds;
(b) allow inspections by the division to ensure compliance with the terms of the grant; and
(c) comply with the conditions for the grant.
(4) A grant issued under this section may not exceed the lesser of 50% of the cost of the conversion system and associated labor, or $2,500, per converted eligible vehicle.