NJ electric vehicle incentive program runs out of money
🔌 The NJ incentive program to encourage EV sales is tapped out
🔌 The BPU says $35 million has been allocated
🔌 More than 8% of all new car sales last year were EVs
The Charge Up New Jersey program, which offers Garden State residents an incentive of up to $4,000 to buy an electric vehicle, has been so successful that it has run out of money.
The New Jersey Board of Public Utilities has announced all of the $35 million allocated for the program has been disbursed to support the purchase or lease of more than 10,000 EVs.
According to the BPU, there were more than 91,000 electric vehicles on New Jersey roadways last year, making EVs 8% of all new car sales for the year.
A big success
BPU President Joe Fiordaliso said this effort to steer drivers to the EV market has been successful.
“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,” he said.
Will the program be renewed moving forward?
No announcement has been made yet but vehicle electrification is a key part of Gov. Phil Murphy’s clean energy agenda, so the answer is probably yes.
The governor has announced a plan to transition New Jersey to 100% clean energy by 2035, by increasingly relying on renewable energy sources like solar and wind, as well as enhanced energy efficiency.
Some critics have labeled the plan overly ambitious because the state must first dramatically expand electric grid capacity.
Since Charge Up New Jersey was launched almost 3 years ago, more than $90 million in incentive payments have been made to purchase and lease nearly 25,000 EVs.
Eligibility for the program was stopped at 9 p.m. on Monday, April 17.
To learn more about the Charge Up New Jersey Program you can click here.
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