It’s No Shock: NJ’s Electric Vehicle Rebate Program an Instant Success Story
Huge Demand Eats up First Year of Rebate Program Funds in Less than 8 Months. Next Round of Funds Available in Spring.
Highland Park, NJ – New Jersey’s electric vehicle (EV) rebate program, which was created to accelerate the adoption of EVs, has exhausted all allocated funds in record time from its launch, highlighting the enormous demand for EVs in New Jersey. The program is directed by statute to allocate at a minimum $30 million a year, that will provide rebates to EV drivers in New Jersey. That funding would be expected to provide rebates to at least 6,000 new EV drivers. The rapid allocation of these funds and the outstanding success of the Charge Up New Jersey program underlines the desire for clean transportation options in the personal vehicle market.
New Jersey has set the ambitious goal of reaching 100% clean energy by 2050. By offering one of the most generous EV rebates in the country, the state is putting a big stake in cleaning up the transportation sector, the highest polluting sector in the state.
The Board of Public Utilities is set to launch phase two of the program in the summer of 2021, at the start of the State’s next fiscal year. Phase two of the program will offer point-of-sale rebates and the BPU will convene stakeholders to evaluate the program and maximize funding.
“Kudos to the BPU. It’s exciting and not too surprising to see the success of this program,” said Pam Frank, CEO of ChargEVC. “We knew that a well-structured rebate was going to incentivize sales. We proved this works. Keeping in mind the aggressive goals we must reach, we look forward to working with BPU over the next few months to ensure this program is successful over time.”
Contact: Pam Frank, Cell: 609-577-2795
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ChargEVC is a not-for-profit coalition of diverse stakeholders that includes retail automotive dealers, utilities, consumer and equity advocates, environmental and labor organizations and technology companies. See www.chargevc.org for more information.