HITTING THE BRAKES: New Jersey Suspends Popular Rebate For Teslas, Other Electric Vehicles

You may have noticed a lot more Teslas driving around Lakewood roads in recent months, and there’s a reason that Lakewood is leading the nation in votes to get a new Tesla supercharger station in the township. That reason is that New Jersey has been providing massive rebates for drivers who purchase or lease an electric vehicle. But that’s coming to an end – at least for now.

Officials announced that New Jersey residents who intend to purchase or lease an electric vehicle will be temporarily unable to receive a government rebate. This is due to the overwhelming popularity of the Charge Up New Jersey program, which has already disbursed an estimated $35 million for the fiscal year that ends in July.

As a result, the program will be paused as all the allocated funding is expected to be disbursed based on the current rate of application approvals and eligible vehicle orders.

The program, which has been in operation for three years, provides state residents with up to $4,000 when they buy or lease a new electric vehicle. However, the average cost of EVs now exceeds $58,000, a price that many American households cannot afford.

The program is expected to support the purchase or lease of over 10,000 vehicles this fiscal year, and it will resume operations when the new fiscal year begins on July 1st.

There is no information yet regarding whether the program’s funding will be increased for the upcoming fiscal year.

 

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