ASBURY PARK, N.J. (KYW Newsradio) — New Jersey is offering a new round of incentives to entice residents to buy electric cars and trucks, but the discounts are $1,000 less than last year.
The Charge Up New Jersey program, which offered residents $5,000 incentives to buy or lease electric vehicles in 2021, was so popular that it exhausted its $30 million supply of cash in just a few months.
“In each of its first two years, this program was maxed out,” Gov. Phil Murphy said Monday in Asbury Park as he announced the third year of the Charge Up program.
“We're offering up to $4,000 cash on the hood to get more New Jersey drivers into an all-electric vehicle.”
Murphy explained they were refocusing the incentive for mid-priced vehicles, in an effort to expand their appeal to more customers.
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“As the prices of EVs continue to fall more and more in line with gas-powered cars, especially in the all-important and growing mid-price category, we know this incentive can push more buyers to make the decision to go electric,” Murphy said.
The Board of Public Utilities has budgeted $35 million for Charge Up this year. Murphy said 13,000 EVs were bought or leased during the first two years of the program.
A new component of this year’s program is a $250 credit toward home charging stations, Murphy said. The state is also putting $4 million toward charging stations at condominiums and apartment buildings, and $6 million for EV chargers at tourist destinations.
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