TRENTON – New Jersey’s incentive program providing up to $5,000 toward the order, purchase or lease of an electric vehicle is running out of money again and will be suspended as of 9 p.m. Wednesday, Sept. 15.
The Charge Up New Jersey program began last year, then went on hold for more than six months after the funds were fully allocated. It restarted on July 6 – but is already going back on hold ahead of schedule just 10 weeks later.
The program has provided an estimated $30 million in incentives toward nearly 9,000 EVs in two years, supporting the Murphy administration’s goal of having 330,000 electric vehicles owned by New Jersey residents by 2025.
From December: Sold out: NJ electric vehicle incentive on hold until summer
The Board of Public Utilities said it hopes to identify additional funding to reopen the program before next summer.
“New Jersey’s EV incentive program has been very successful,” said Joseph Fiordaliso, the BPU president. “There is clearly enthusiasm for electric vehicles so while the program is paused, we are evaluating all options with the hope of reopening before the next fiscal year.”
The BPU estimates is suspending the program as of Sept. 15 based on the program’s current rate of application approvals and orders of eligible vehicles, which must be zero-emission vehicles, including battery electric and plug-in hybrid electric.
The incentives amount to $25 per mile of a vehicle’s all-electric range, as rated by the Environmental Protection Agency. Cars with a manufacturer’s suggested retail price under $45,000 can receive up to $5,000 in incentives. Those with MSRP between $45,000 and $55,000 can receive up to $2,000.
Cars with an electric range of at least 200 miles can receive the maximum $5,000 incentive.
People apply for the incentive with their dealer at the point-of-sale. The dealer deducts the incentive from the cost of the vehicle and submits the application on the buyer’s behalf. Dealers will have until Oct. 15 to complete the application process for vehicles bought by 9 p.m. on Sept. 15.
Michael Symons is State House bureau chief for New Jersey 101.5. Contact him at michael.symons@townsquaremedia.com.