In New Jersey, a government rebate program that incentivizes drivers to go electric has run out of money because the state incentive was so successful in encouraging residents to buy electric vehicles. The Charge Up New Jersey Program has been providing $4,000 to residents who buy or lease a new electric vehicle.
These federal tax credits are meant to help bring the price of an EV down for buyers who, on average, are spending $58,000 for an electric vehicle.
Residents are all about it. They have already drained the earmarked funding from the incentive program’s budget this year. The state now has to pause the rebate program because demand was so high.
Since launching its rebate program three years ago, the state has given more than $90 million worth of rebates to people in New Jersey.
The rebates will be available again once its budget renews in July.
EVs made up 8% of all new car sales in New Jersey last year, which is higher than the national average of 5.7%.
