New Jersey’s popular electric vehicle (EV) rebate program, Charge Up New Jersey, has been temporarily suspended due to its overwhelming success and rapid depletion of allocated funds, reports ctpost.
The state’s Board of Public Utilities announced that the program has disbursed an estimated $35 million for the fiscal year ending in July, supporting the purchase or lease of over 10,000 EVs.
Launched in May 2020, Charge Up New Jersey offers residents up to $4,000 in rebates when they buy or lease a new electric vehicle. With EVs averaging over $58,000, according to Kelley Blue Book, the program aims to make these environmentally friendly vehicles more accessible to a wider range of consumers.
Since its inception, the program has provided nearly $90 million in incentives for leasing or buying close to 25,000 EVs. By the end of 2022, more than 91,000 electric vehicles were on New Jersey’s roads, and EVs accounted for 8% of all new car sales in the state last year.
Charge Up New Jersey’s temporary pause is expected to last until the new fiscal year begins on July 1. However, it remains uncertain whether the program’s funding will be increased in the next fiscal year.
New Jersey is not alone in facing this challenge; Oregon’s rebate program is also set to pause due to an influx of applicants and limited funding.
Tesla’s website no longer lists a state rebate for New Jersey for eligible vehicles, noting the program has indeed been paused.
The Biden administration has proposed strict automobile pollution limits, aiming for up to two-thirds of new vehicles sold in the U.S. to be electric by 2032. This ambitious target would represent a nearly tenfold increase in current electric vehicle sales. Programs like Charge Up New Jersey play a crucial role in encouraging EV adoption and moving towards a greener future.