By Ryan Witkowski, Land Line
A New Jersey program designed to offer small businesses incentives for purchasing new zero-emission vehicles will soon be shifting into phase two.
On July 19, the New Jersey Economic Development Authority announced the approval of $45 million in funding for the expansion of the New Jersey Zero Emission Incentive Program. The additional funds – which double the amount already dedicated to the program – come from the state’s Regional Greenhouse Gas Initiative allocation.
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On top of the increased funding, the NJEDA Board approved two major changes to the program. Eligibility for the incentive program in phase two will be available statewide – expanding beyond the four pilot communities in the first phase. Additionally, eligibility in phase two will be expanded to include heavy-duty vehicle classes.
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According to the NJEDA, as of last month, 144 NJ ZIP applications had been approved totaling $32.2 million in vouchers for zero-emission medium-duty vehicles. Of the entities approved so far, over 90% are small businesses. Additionally, approximately 57% are businesses that are minority-owned and/or woman-owned.
The authority anticipates an additional 200 to 400 vouchers to be awarded because of the program’s expansion. Currently, NJ ZIP applications are being moved to a waitlist. The NJEDA anticipates opening applications, including those for businesses in newly eligible parts of the state, in the coming months.
