Prospective electric vehicle buyers and those leasing in New Jersey could be in for a shock after it was revealed that the local government will soon pause a rebate program.
The Charge Up New Jersey program has been in operation since May 2020 and provides New Jersey residents with up to $4,000 when they purchase or lease a new electric vehicle. The program has provided roughly $90 million in incentives over the past three years and in the most recent fiscal year ending this July, will have distributed an estimated $35 million.
However, the program will be paused until the new fiscal year starts July 1 because it is running out of money, Fox Business reports. The State of New Jersey Board of Public Utilities (NJBPU) revealed that year three of the program was paused on April 17 because all of the funding has been allocated to those who had purchased or leased an EV from July 25, 2022, to April 17, 2023.
Electric vehicles accounted for 8% of all new car sales in New Jersey last year and the program will support the purchase or lease of more than 10,000 EVs across the state this fiscal year.
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“The Charge Up New Jersey Program has been one of the great success stories of the Murphy Administration,” NJBPU president Joseph L. Fiordasilo said. “As we fight the ravages of climate change it is increasingly important to dramatically reduce the greenhouse gases generated by gas-guzzling cars and encourage New Jerseyans to drive electric. The Charge Up Program has been an incredibly popular incentive that has put more electric vehicles on New Jersey roadways.”
It is not yet clear if the Board of Public Utilities will increase the program’s funding for the next fiscal year.
