(At Least Temporarily) BY MAGDALENA PADILLA, DIRECTOR OF GOVERNMENT AFFAIRS, NJ CAR On July 12, 2023, the New Jersey Board of Public Utilities (NJBPU) announced the fourth phase of the state’s Charge Up New Jersey Electric Vehicle (EV) Incentive Program. Only vehicles ordered, purchased, or leased as of that date are eligible for an incentive. In the first three phases of the program, the state provided incentives for more than 16,000 vehicles. At the end of 2022, there were 91,560 electric vehicles (incentivized and non-incentivized) on New Jersey roads, according to the New Jersey Department of Environmental Protection (NJDEP). New Jersey currently has 2.5 million registered vehicles. That means the vast majority of registered vehicles in New Jersey are still not EVs. For this latest phase of the Charge Up New Jersey Program, the state adjusted the rules to provide enhanced incentives for EVs with a lower price point in an effort to encourage moderate-income buyers to consider EVs. Under this phase, incentives of up to $4,000 are provided for vehicles with a Manufacturer’s Suggested Retail Price (MSRP) under $45,000, as well as incentives of up to $1,500 for vehicles with an MSRP between $45,001 and $55,000. Plug-in EVs (PHEVs) have not been eligible for incentives since December 2022. WHERE IS THE HIGHEST UTILIZATION AMONG ALL 20 COUNTIES? The Charge Up New Jersey EV Incentive Program is funded through an annual budget appropriation, as designated in the 2020 legislation signed by Governor Murphy that May the Fourth (Incentive) Be With You 25 new jersey auto retailer
RkJQdWJsaXNoZXIy MTg3NDExNQ==