The New Jersey Board of Public Utilities (NJBPU) announced Year Two of the popular Charge Up New Jersey Program, its electric vehicle (EV) incentive initiative, is expected to expend all funds ahead of schedule, moving New Jersey closer to Governor Murphy’s goal of 330,000 EVs by 2025.
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Due to such successful uptake, Year Two of the Charge Up Program, which launched point-of-sale incentives at showrooms and dealerships beginning on July 6, 2021, will pause on September 15 at 9:00 p.m. ET to evaluate the possibility of additional funding with the goal of reopening the program prior to the next Fiscal Year.
The program will disburse an estimated $30 million to support the purchase or lease of new EVs by New Jersey residents.
Vehicle electrification is a key part of Governor Murphy’s clean energy agenda along with offshore wind, solar, and energy efficiency. These initiatives are part of a comprehensive approach to transition New Jersey to 100 percent clean energy by 2050.
In support of that goal, drivers looking to make the switch to electric have enthusiastically embraced the Charge Up New Jersey incentive, which provides up to $5,000 to purchase or lease a new EV. In its first two years, the program has maxed out all committed funding to provide nearly 9,000 new EVs to New Jersey residents to date.
“New Jersey’s EV incentive program has been very successful,” said NJBPU President Joseph L. Fiordaliso. “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. With New Jersey’s commitment to EV adoption and the build out of charging infrastructure, coupled with commitments from the Biden Administration, New Jersey is well on the way to achieving Governor Murphy’s EV goals.”
Dealerships and showrooms will be required to complete the manual application process for all eligible orders by October 15, 2021 as described in the updated Terms and Conditions. The program administrator will accept and review all applications with an eligible vehicle order, purchase, or lease date within the eligibility window. ■