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New Jersey Passes Legislation to Jump Start Electric Vehicle Sales

Charging up to reduce greenhouse gas

SPARKS Automotive Dealership Newsletter
January 30, 2020

Ann Torno, CPA

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New Jersey Passes Legislation to Jump Start Electric Vehicle Sales

By Ann Torno


New Jersey Governor Murphy signed new legislation as part of a strategy to reduce greenhouse gas emissions by increasing the sales of plug-in electric vehicles. The bill calls for 2 million plug-in electric vehicles by 2035, and offers consumers rebates of as much as $5,000, as well as incentives to install home charging equipment.


On January 17, 2020, New Jersey Governor Murphy signed new legislation as part of a strategy to increase the sales of plug-in electric vehicles. New Jersey set a goal to have 400 public fast charging stations at 200 location along major highways and throughout New Jersey communities and 330,000 electric vehicles registered in NJ by 2025, increasing it to 2 million electric vehicle registration by 2035.

New Jersey is setting an example to reduce greenhouse gas emissions by increasing the electric state-owned non-emergency light duty vehicles by 25% by 2025 and 100% by 2035. Additionally, 10% of new buses purchases by NJ Transit will be zero emission buses by 2024, increasing to 100% by 2032.

Consumers will receive a rebate of $25 per mile of electric-only range, as rated by the Environmental Protection Agency, up to $5,000 per vehicle, for all electric or plug-in hybrid vehicles with an MSRP below $55,000. In addition, an incentive of $500 per person is available for the purchase and installation of home charging equipment. The legislation set aside $30 million to pay for the rebates. The incentive will be a one-time payment to the buyer or lessee of electric vehicles.


You can read the NJ legislation announcement here: 

https://nj.gov/governor/news/news/562020/approved/20200117b.shtml