State and Federal Incentives Make Many EVs More Affordable BY JAMES CURLEY, III, 2023 CHAIRMAN, NJ CAR NJ CAR has been educating dealers for months about the proposed federal and state electric vehicle mandates aimed at dramatically increasing the number of EVs on the road. Dealers are “all-in” on EVs, but the Coalition has cautioned Governor Murphy and the New Jersey Department of Environmental Protection (NJDEP) to take a more realistic approach to achieving a 100% EV future. Consumers want choice and don’t appreciate being told what they can and cannot buy. EV mandates, like the Governor’s mandate to have 35% EVs sold in New Jersey by 2027 and 100% EVs sold in New Jersey by 2035, are going to backfire. EVs currently account for less than 10% of all vehicles sold. It’s unrealistic to assign an arbitrary percentage to a year without any consideration for consumer interest and electric charging infrastructure and readiness. Consumers will decide when New Jersey becomes a 100% EV state, not government decision-makers. The government can’t (and shouldn’t) force consumers into an EV, but the government can (and should) incentivize consumers to transition to an EV. The following is a recap of the various state and federal government programs that aim to make EVs more affordable for consumers. CHARGE UP NEW JERSEY EV INCENTIVE PROGRAM New Jersey recently wrapped up the third year of the Charge Up New Jersey EV Incentive Program. The $300 million, 10-year Program provides $30 million per year to incentivize consumers to purchase EVs. Below are some of the eligibility requirements to qualify for a Charge Up New Jersey incentive: • Eligible vehicles with an MSRP below $45,000 are eligible for a maximum incentive of $4,000. Eligible vehicles with an MSRP between $45,001 and $55,000 are eligible for a maximum incentive of $1,500. EVs with an MSRP over $55,000 are not eligible. • Buyer must be a resident of New Jersey at the time of vehicle order, purchase or lease and must remain a resident for at least two (2) years following the purchase. • The Program is limited to individuals only. • Only vehicle transactions occurring after the official launch and before the official closing of the current year’s Program are eligible for an incentive. 20 NEW JERSEY auto retailer
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