NEWARK, NJ – The allocated $30 million for the Charge Up New Jersey initiative for fiscal year 2024 is nearing depletion. With the prevailing rate of participation, full allocation of the funds is anticipated by November 2023, albeit, subject to variations depending on application volume.
The initiative, Charge Up New Jersey, fosters clean vehicle adoption in the state through incentives. These incentives reach up to $4,000 for purchasing or leasing new, eligible battery electric vehicles (EV) and $250 for the procurement of an eligible EV charger.
This move towards electric vehicles, away from gasoline and diesel, is aimed at reaping both environmental and economic benefits. Notably, it leads to a reduction in air pollution and greenhouse gas emissions.
Real-time funding status tracking by the state shows the $4,000 credit fund is running dry with just 12% of the $90 million still on the table.
The funding is earmarked solely for successful EV and charger applications. In cases where submitted applications are cancelled, funding will be reinstated. The $90 million funding for EV incentives encapsulates the total amount allocated over fiscal years 2022, 2023 and 2024, with an annual allocation of $30 million.
The fund has spurred a boom in the New Jersey EV market, but will that boom continue once the free money is gone?
According to Hertz, New Jersey’s shift towards a greener transport network is not just on track, but seemingly on an express route. A mere ten years ago, a scant total of 338 electric vehicles (EVs) could be spotted on the state’s tarmacs.
On a yearly comparison, the allure of EVs has skyrocketed from a rate of 2.58 registrations per 1,000 residents in 2018, to a notable 9.80 registrations per 1,000 residents in 2022. In the year 2021, New Jersey was home to 3.26% of all registered electric vehicles in the United States, marking a robust growth of 57.23% from the preceding year. With this momentum, the state is on course to becoming a vanguard in the EV movement. The Zero Emission Vehicles (ZEV) program, initiated in January 2004, has been a catalyst in fostering EV adoption, propelling electric vehicle ownership through a state sales tax exemption.
In 2022, the scenario revved up dramatically, with the state clinching a position among the top ten in the nation for EV registrations per 1,000 individuals. This isn’t mere progression; it’s a rapid transit towards a more environmentally friendly New Jersey, fueled not by gasoline, but by cash being offered by the government.