The New Jersey Board of Public Utilities (NJBPU) has announced year two of the Charge Up New Jersey Program, its electric vehicle (EV) incentive initiative. The initiative is expected to expend all funds ahead of schedule, moving New Jersey closer to Gov. Phil Murphy’s goal of 330,000 EVs by 2025.
Due to such successful uptake, year two of the Charge Up Program, which launched point-of-sale incentives at showrooms and dealerships beginning on July 6, 2021, is pausing on September 15 at 9:00 p.m. ET to evaluate the possibility of additional funding with the goal of reopening the program prior to the next fiscal year. The program will disburse an estimated $30 million to support the purchase or lease of new EVs by New Jersey residents.
Vehicle electrification is a key part of Murphy’s clean energy agenda, along with offshore wind, solar and energy efficiency. These initiatives are part of a comprehensive approach to transition New Jersey to 100% clean energy by 2050. In support of that goal, drivers looking to make the switch to electric have enthusiastically embraced the Charge Up New Jersey incentive, which provides up to $5,000 to purchase or lease a new EV. In its first two years, the program has maxed out all committed funding to provide nearly 9,000 new EVs to New Jersey residents to date.
“New Jersey’s EV incentive program has been very successful,” says Joseph L. Fiordaliso, NJBPU’s president. “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. With New Jersey’s commitment to EV adoption and the build out of charging infrastructure, coupled with commitments from the Biden Administration, New Jersey is well on the way to achieving Gov. Murphy’s EV goals.”
Based on the program’s current rate of application approvals and eligible vehicle orders, NJBPU estimates that the program’s Fiscal Year 2022 funding will be committed by September 15, 2021. To accurately capture all eligible orders for the program and ensure that residents have adequate time to receive and register their new EVs with the support of available program funding, the eligibility window for the FY22 program will be paused as of 9:00 p.m. ET on September 15, 2021, as NJBPU evaluates the program. This pause and evaluation is to ensure all eligible customers who ordered, purchased or leased an eligible EV using a point-of-sale incentive receive that incentive. Pending funding availability, the FY22 Charge Up New Jersey Program may re-open prior to the next fiscal year.
A letter issued by the NJBPU Secretary’s Office provides details on this action, giving applicants sufficient time to accept delivery of their vehicle and complete the purchase and lease paperwork for vehicles ordered within the eligibility window (July 6, 2021 through 9:00 p.m. ET on September 15, 2021) while still accommodating any delays due to supply chain disruptions.
Dealerships and showrooms will be required to complete the manual application process for all eligible orders by October 15, 2021, as described in the updated terms and conditions. The program administrator will accept and review all applications with an eligible vehicle order, purchase, or lease date within the eligibility window.