NJ EV Rebate, Up to $4,000 may be awarded under the scheme for the purchase or leasing of qualified EVs, plus an extra $250 for the acquisition of a qualified EV charger.
On this page
NJ EV Rebate 2024
The popular Charge Up New Jersey Program, an electric vehicle (EV) incentive project, is scheduled to fully commit all monies by Tuesday, November 21, 2023, according to a recent announcement made by the New Jersey Board of Public Utilities (NJBPU).
In order to precisely capture all eligible orders for the program and guarantee that people have enough time to receive and register their new EVs with the support of available program financing.
An estimated $30 million will have been distributed by the Program’s conclusion to help New Jerseyans buy or lease more than 12,000 new EVs.
NJBPU predicts that the program’s Fiscal Year 2024 (FY24) funds will be committed by purchases, orders, and leases made through November, based on the current rate of application approvals and qualifying vehicle orders.
- NEW JERSEY PROPERTY TAX REBATE
- STIMULUS CHECK CALIFORNIA 2023
- CALIFORNIA RELIEF CHECK
- EV TAX CREDIT 2023
NJ EV Rebate Eligibility Requirements 2024
The only document accepted for proof of residency is a New Jersey driver’s license.
- You must dwell in the state of NJ, have a valid driver’s license, and continue to do so for two years from the date of the car purchase in order to be considered a resident.
- The automobile must be bought or leased from a participating NJ dealership showroom in addition to being a resident of the state of New Jersey.
- The car needs to be brand-new, battery-powered, and have an MSRP of less than $55,000.
- Finding an electric automobile for less than $55,000 may be difficult because these cars are typically more costly than gas-powered ones.
- All qualifying cars, including the Audi Q4, Kia EV-6, Hyundai Ioniq 5, and Chevrolet Volt, are listed on the NJ website, though.
- Higher incentives are available for electric vehicles (EVs) with a lower MSRP. The refund is dependent on the cost and mileage range of the vehicle.
- Thus, in essence, you will receive the most value out of the least expensive car with the longest mileage range.
Cost of EV in New Jersey
One benefit of New Jersey is the exemption from sales and use taxes for zero-emission vehicles (ZEVs). The annual VAT charge does not apply to owners as it does in other states.
Because EVs are typically pricey, insurance costs should be anticipated to be high. For example, the average yearly premium for a Porsche Taycan full coverage policy is approximately $4,725.
By providing incentives of up to $4,000 for the purchase or leasing of new, qualified battery electric vehicles (EVs) and $250 for the purchase of a qualifying EV charger, Charge Up New Jersey encourages the adoption of clean vehicles throughout the state.
You can earn $25 in incentives for every mile of EPA-rated all-electric range when you buy or lease a new, qualified electric car, up to a maximum of $4,000.
Electric Vehicle & EV Charging Station Rebate
Residents of New Jersey are eligible for point-of-sale rebates when they buy or lease a new light-duty electric vehicle (EV) under the NJBPU’s Charge Up New Jersey initiative.
Rebates are dependent on the vehicle’s all-electric range as rated by the US Environmental Protection Agency (EPA) and the vehicle’s purchase price. There are the following rebate amounts available:
| The purchase price of the car | Rebate amount |
| Under $45,000 | $25 per EPA-rated range, up to $4,000 |
| $45,000 – $55,000 | $25 per EPA-rated range, up to $2,000 |
Additionally, the NJBPU provides households with a $250 reimbursement through the Charge Up Residential Charger Program when they purchase an authorized Level 2 EV charger.
How does the NJ EV incentive work?
A number of EV incentives are available in New Jersey, such as Charge Up New Jersey, which offers rebates of up to $4,000 for buying and leasing EVs.
In addition, the state provides owners of multi-unit dwellings with an incentive to install and buy Level 2 chargers: the MUDs charger.
The MSRP and all-electric range of the car are used to calculate the refund amount. Rebates of up to $2,000 are available for vehicles with MSRPs between $45,000 and $55,000.
To qualify for the maximum rebate of $4,000, the vehicle’s MSRP must be $45,000 or less.
Depending on the MSRP, vehicles with an all-electric range of more than 200 miles may be eligible for rebates of up to $4,000.
Visit the NCBLPC Homepage To Get Relevant Content.