Buyers drain NJ’s all-too-popular $4,000-per-purchase program
By BRUCE SHIPKOWSKI, Associated Press
TRENTON, N.J. (AP) — New Jersey residents looking to buy or lease an electric vehicle won’t be able to get a government rebate — at least temporarily — because the state program is so popular that it’s already running out of money, officials said.
The Charge Up New Jersey program has disbursed an estimated $35 million for the fiscal year ending this July, according to the state’s Board of Public Utilities. The board said Monday it was putting the program on pause because all the earmarked funding will soon be disbursed, based on the current rate of application approvals and eligible vehicle orders.
Now in its third year, the program gives state residents up to $4,000 right when they buy or lease a new electric vehicle. On average, EVs now cost more than $58,000, according to Kelley Blue Book, a price that’s beyond the reach of many U.S. households. Federal tax credits and other incentives are designed to bring prices down and attract more buyers.
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