New Jersey halts electric vehicle rebates — demand too high
TRENTON, N.J. — New Jersey residents looking to buy or lease an electric vehicle won’t be able to get a government rebate — at least temporarily — because the state program is so popular that it’s already running out of money, officials said.
Now in its third year, the program gives state residents up to $4,000 right when they buy or lease a new electric vehicle. On average, EVs now cost more than $58,000, according to Kelley Blue Book, a price that’s beyond the reach of many U.S. households. Federal tax credits and other incentives are designed to bring prices down and attract more buyers.
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 all new car sales in New Jersey last year.
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