Gov. Phil Murphy said Monday that electric vehicle incentive legislation signed into law on Jan. 17 was effective the day the bill was signed.
Furthermore, vehicle owners who bought eligible electric vehicles beginning on Jan. 17 can receive a rebate.
The New Jersey Board of Public Utilities has engaged the Center for Sustainable Energy to assist in developing and administering New Jersey’s electric vehicle incentive program, including full application details. Additional information regarding how to receive the rebate will be provided as the program is developed.
While the rebate application is still under development, Murphy is hopeful the board will vote on the program by the end of the second quarter.
Three weeks ago, I signed bipartisan legislation to increase the use of electric vehicles as a critical component of reducing greenhouse gas emissions in New Jersey. The immediate and enthusiastic public response shows how eager New Jerseyans are to join this clean energy transportation revolution …
– Gov. Phil Murphy
The legislation created a “Light Duty Plug-in Electric Vehicle Rebate Program” to encourage the purchase of these vehicles over a 10-year period.
Eligible vehicles are defined as a new, light duty plug-in electric vehicle with an MSRP below $55,000, purchased or leased after Jan. 17, 2020. It further provides that for the first year an incentive is offered, the amount shall be equal to $25 per mile of EPA-rated electric-only range up to a maximum of $5,000 per eligible vehicle.
Varying incentive amounts will occur. For example, a fully electric car with 200 miles of electric range or more will qualify for a $5,000 rebate, and a hybrid electric car with 20 miles of electric range will qualify for a $500 rebate.
The bill codifies the Murphy Administration’s goal of 330,000 registered light-duty electric vehicles by 2025 and directs state-owned light-duty vehicles to be electric by 2035. The legislation directs the New Jersey Department of Environmental Protection and BPU to establish goals for the electrification of medium and heavy-duty vehicles. Additionally, New Jersey Transit will move toward zero emission bus purchases by 2032.
The legislation supports Murphy’s goal of putting New Jersey on a path to a 100 percent clean energy by 2050.