$4,000 New Jersey Electric Vehicle Rebate Program Halted After State Runs Out of Money

After the state ran out of money, several reports mentioned that the officials halted the in-demand New Jersey electric vehicle rebate program.

According to the Associated Press, the Charge Up next Jersey program has distributed $35 million for the fiscal year that ends in July.

Eelectric vehicles are charging at a charging station in Monterey Park, California, on April 12, 2023. – US President Joe Biden’s administration unveiled new proposed auto emissions rules, aiming to accelerate the electric vehicle transition with a target of two-thirds of the new US car market by 2032. (Photo by Frederic J. BROWN / AFP) (Photo by FREDERIC J. BROWN/AFP via Getty Images)

Since sufficient applications have already been submitted for the remaining monies this year, the program is being suspended until the next fiscal year begins on July 1.

When citizens of the state purchase or lease a new EV, the Charge Up New Jersey program offers them $4,000, which can be combined with federal tax credits.

New Jersey Electric Vehicle Rebate Program Paused

The New Jersey electric vehicle rebate program, also known as the Charge Up New Jersey program, has offered rebates totaling almost $90 million since May 2020.

Carscoops noted that the state will resume the New Jersey electric vehicle rebate program to motorists who lease or purchase a new EV.

According to InsideEVs, the state first stopped offering EV incentives on April 17 and distributed an estimated $35 million this year for more than 10,000 model purchases.

Board of Public Utilities spokesperson Peter Peretzman told Associated Press on Tuesday that he wasn’t sure if there were plans to increase the program’s financing for the upcoming fiscal year.

READ ALSO: $5,000 in 2023 Tax Rebates For Electric Vehicles in Massachusetts– See Which Vehicles Qualify!

Other States Struggling With EV Rebates

New Jersey is not the only state having trouble keeping up with EV incentives.

According to the Associated Press, Oregon will stop offering subsidies for a year starting in May for anyone who buy or lease electric vehicles.

The newly established standards for this year nevertheless present a challenge for drivers in jurisdictions with ongoing electric vehicle incentives.

In 2023, just six pure EVs will be eligible for the full tax credit.

When buying a new Cadillac Lyriq, Chevrolet Bolt, Chevrolet Bolt EUV, Ford F-150 Lightning, Tesla Model 3 Performance, or Tesla Model Y, drivers can get a full credit.

READ ALSO: $7,500 in EV Tax Credit 2023— See Which Electric Vehicles Qualify!