Buying an EV will now get costlier for the citizens of New Jersey, as the state is running out of funds to provide subsidies that can attract more customers to transition to electric vehicles. However, the subsidies/rebates were temporarily put on hold and are expected to retrieve as soon as the state gets the funds. The state had to take this decision as more and more customers were buying EVs, which made the state run out of fuel.
Earlier, the customers would get up to $4000 subsidy on the purchase of the electric vehicle which, as you may have guessed is provided to uplift the demand for electric cars in the public domain. This program (charge up New Jersey) become one of the most successful EV transition plans and its execution in New Jersey gave it such an impressive success.
This program will be resumed with the start of the next fiscal year i.e. 1 July.
This program helped over 25000 EV buyers with a subsidy of over $ 90 million. This made it possible for them to achieve the gigantic number of 91,000 electric cars on the road and with 8% electrification of automobiles by the end of last year (2022).
However, the government should support the state by going out of its limits as the Biden Govt. and EPA has put an impossible-looking figure of vehicle electrification in front of the automakers and the states.
