Buying a car? NJ giving you a break if you get an EV

💲 Gov. Murphy has announced more incentives electric vehicles

💲 Residents can receive money toward an EV vehicle

💲 It's year five of the state's Charge Up New Jersey EV incentive program

TRENTON — New Jersey is getting a fifth year of the state’s Charge Up New Jersey electric vehicle incentive program, which promotes clean vehicle adoption by incentivizing the purchase of EVs and EV chargers.

Starting Wednesday, all eligible vehicles with a sticker price of $55,000 can receive a $2,000 base incentive. Residents can take advantage of this incentive directly at the car dealership or showroom and apply the incentive instantly to their purchase or lease of an EV.

Charge Up New Jersey also offers $250 for purchasing and installing a qualifying Level 2 charger through the In-Home EV Charger Incentive.

“For the fifth consecutive year, my administration is continuing its ongoing efforts to make clean transportation an affordable choice for New Jerseyans," Gov. Phil Murphy said. "By doing so, we will continue to ensure that every New Jerseyans, regardless of income or zip code, has ample opportunity to reap the full economic and environmental benefits of our clean energy transition."

Owning an electric vehicle in New Jersey is not cheap. As of July 1, EV owners now have to pay a yearly registration fee beginning at $250, which will then increase by $10 per year. In July 2028, it will finish off at $290, according to the Governor’s Office.

Here is another incentive. In the fall, an additional income-based incentive of $2,000 will be available to pre-qualified income-eligible applicants for a total of $4,000.

Under legislation signed by Murphy in 2020, the Board of Public Utilities will provide at least $30 million in annual incentives for the Charge Up New Jersey program for 10 years. In fiscal year 2025, Murphy approved an additional $20 million to be added to the Charge Up New Jersey budget, for a total of $50 million available this year.

“Charge Up New Jersey remains one of the NJBPU’s most popular programs and continues to drive EV adoption in New Jersey,” NJBPU President Christine Guhl-Sadovy said.

To date, more than 36,000 EV incentives and more than 6,400 EV charger incentives have been approved through Charge Up New Jersey. As of March 2024, there were more than 185,000 EVs registered in the Garden State.

Residents can find real-time updates on available funding through Charge Up New Jersey here.

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