New Jersey has launched the fourth year of its Charge Up New Jersey EV incentive program, and it’s not quite as good as it was in 2022.
Last year (“Year Three”), the Charge Up New Jersey program was the largest “cash-on-the-hood” incentive program in the US. The state decided to provide better incentives for EVs with a lower price point to attract moderate-income buyers. Incentives were up to $4,000 for vehicles with MSRPs under $45,000 and up to $2,000 for EVs with an MSRP between $45,000 and $55,000.
By April of this year, the New Jersey Board of Public Utilities had to pause the program because it was so popular that it ran out of money. The state had disbursed around $35 million for the Year Three program, which officially ended this month.
This fiscal year, starting yesterday (“Year Four”), the state will provide incentives of up to $4,000 for vehicles with an MSRP under $45,000 and incentives of up to $1,500 for vehicles with an MSRP between $45,001 and $55,000.
So a 2023 Tesla Model Y qualifies for $1,500, and the rebate for the 2022-23 VW ID.4 ranges between $1,500 and $4,000, depending on the model.
So while Year Four is a good incentive program, it’s just not as good as Year Three because the rebate amount for an EV costing between $45,001 and $55,000 dropped by $500. There isn’t any explanation for why that decision was made in the announcement.
New Jersey also exempts its residents from paying state sales tax on the purchase or lease of a BEV (but not PHEVs). That’s an upfront rebate at the dealership of the current sales tax rate at 6.625% right after you fill out form ST-4, which is short and easy.
Plus, there’s the great $7,500 federal tax credit, thanks to the Inflation Reduction Act.
The state has also earmarked $3 million to continue the Charge Up Residential Charger Program, which provides a $250 rebate for approved home EV chargers. A list of qualifying home chargers is on the website, and it includes such makes as Blink, ChargePoint, and Enel X Way. Rather puzzlingly, Tesla’s Wall Connector isn’t on the list.
Under the legislation signed by Governor Phil Murphy (D-NJ) in 2020, the New Jersey Board of Public Utilities will provide at least $30 million in annual incentives for the Charge Up New Jersey program for 10 years.
Read more: Colorado’s new EV state tax credits are fantastic
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