The Charge Up New Jersey program, which provides up to a $4,000 rebate to those wishing to buy an electric vehicle in the Garden State, has run out of money.
The New Jersey Board of Public Utilities announced that an estimated $35 million allocation for the program has been disbursed this year to support the purchase or lease of over 10,000 new EVs by New Jersey residents.
At the end of 2022, there were more than 91,000 electric vehicles on New Jersey roadways making EVs eight percent of all new car sales for the year.
The program has now been put on pause, however, funding will be committed by purchases, orders and leases made through April 17, 2023.
“The Charge Up New Jersey Program has been one of the great success stories of the Murphy Administration,” said NJBPU President Joseph L. Fiordaliso. “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.”
The program will most likely be renewed for the next fiscal year, as vehicle electrification is a key part of Governor Murphy’s clean energy agenda, which aims to transition New Jersey to 100 percent clean energy by 2035.
In total, NJBPU anticipates the Charge up Program will have provided over $90 million in incentives for the lease or purchase of nearly 25,000 EVs since the program opened in May 2020.
For more information on the Charge Up New Jersey Program, click here.