New Jersey Increases Electric Vehicle Incentives to $4,000 for Qualified Residents

New Jersey introduced a new $2,000 electric vehicle (EV) incentive, allowing income-qualifying residents to receive up to $4,000 towards the purchase or lease of an eligible EV. The incentive can be combined with the federal tax credit of up to $7,500 for a new electric vehicle. New EV registrations in the U.S. surged by 18% in July, reaching 118,273 units. The Charge Up+ incentive, launched on September 17, 2024, provides additional savings for New Jersey residents who meet income criteria. The Charge Up New Jersey program offers residents up to $4,000 for purchasing or leasing a new eligible battery electric vehicle and an additional $250 rebate for an EV charger.