New Jersey electric vehicle program paused after running out of money

(Photo by Mike/Courtesy of Pexels.com)

(The Center Square) – A program to dole out roughly $30 million to help New Jersey residents lease or buy an electric vehicle (EV) could run out of funds sooner than expected this year.

The New Jersey Board of Public Utilities (NJBPU) is pausing its Charge Up Program at 9 p.m. Wednesday. The program provides up to $5,000 to purchase or lease a new EV.

The second year of the initiative launched July 6, and the program has allocated funds to help New Jerseyans buy or lease nearly 9,000 new EVs in less than two years.

“New Jersey’s EV incentive program has been very successful,” NJBPU President Joseph L. Fiordaliso said in an announcement. “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.”

Officials said they anticipated available funding for the fiscal 2022 iteration of the program would run out Wednesday. Dealers have until Oct. 15 to complete the application process for orders placed by 9 p.m. Wednesday.

It is not immediately clear whether more funding will extend the program before reopening the next fiscal year. Gov. Phil Murphy has established a goal of 330,000 EVs on New Jersey streets by 2025.

The program is funded with $30 million annually by the Plug-In Electric Vehicle Incentive Fund.

About The Center Square 713 Articles
The Center Square was launched in May 2019 to fulfill the need for high-quality statehouse and statewide news across the United States. The focus of our work is state- and local-level government and economic reporting. A taxpayer sensibility distinguishes our work from other coverage of state and local issues.