Colorbar Axis Label Overlapping With Ticks Matplotlib

I am plotting a scatterplot with a colorbar on the right using Matplotlib. The labels of the colorbar get overlapped/get too close with the ticks. I have used the following code.

Solution 1:

Use labelpad:

plt.colorbar().ax.set_ylabel('Mean Absolute Error', rotation=270, fontsize = 15, labelpad=15)