New Jersey halts EV rebates for now — demand is too high
New Jersey's utility board estimates the state program will support the purchase or lease of more than 10,000 vehicles this fiscal year, and it should be back up and running again once the new fiscal year starts July 1. A spokesperson for the Board of Public Utilities, Peter Peretzman, said Tuesday he wasn't sure if there are plans to increase the program's funding for next fiscal year.
The utility board estimates that the program, since its launch in May 2020, will have provided more than $90 million in incentives for leasing or buying nearly 25,000 EVs. At the end of the 2022 there were more than 91,000 electric vehicles on the state's roadways, the board said, and EVs made up 8% of allNew Jersey is among the states that have found success with electric vehicle incentive programs. A rebate program
will also have to pause next month because too many people are applying and the program is running out of money.
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