Baby, we were born to run, but certain tramps like us won't be getting any more electric vehicle tax credits -- at least not for awhile.
New Jersey rock legend Bruce Springsteen sang about springing from cages on Highway 9 way back in 1975, after the Arab oil embargo sparked gasoline shortages and U.S. automakers were just starting to experiment with electric vehicles.
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Things have changed quite a bit in the past 48 years, and while The Boss has yet to sing about steppin' out over the line in an EV, many more people are driving them.
The Charge Up New Jersey program was set up to promote clean-vehicle adoption in the Garden State by offering up to $4,000 to state residents when they buy or lease new EVs.
The program has distributed about $35 million for the fiscal year ending in July, the state's Board of Public Utilities said. But Charge Up New Jersey is being paused because it's proved so popular that all the funding earmarked for it has been disbursed.
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“The Charge Up New Jersey Program has been one of the great success stories of the Murphy Administration,” Joseph L. Fiordaliso, the board’s president, said in a statement, referring to Gov. Phil Murphy.
“As we fight the ravages of climate change, it is increasingly important to dramatically reduce the greenhouse gases generated by gas-guzzling cars and encourage New Jerseyans to drive electric," he added.
Fiordaliso said the program “has been an incredibly popular incentive that has put more electric vehicles on New Jersey roadways.”
The board estimated that the program will support the purchase or lease of more than 10,000 vehicles this fiscal year.
More than 91,000 electric vehicles were on New Jersey roadways at the end of 2022, the board said, making EVs 8% of all new car sales for the year.
The program should be back up and running again once the new fiscal year starts July 1.
NJ Looking for 100% Clean Energy
A board spokesperson, Peter Peretzman, told the Associated Press that he wasn't sure if there are plans to increase the program's funding for next fiscal year.
The board said that it anticipated that the Charge Up Program would have provided over $90 million in incentives for the lease or purchase of nearly 25,000 EVs since the program began in May 2020.
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Murphy’s clean-energy agenda includes increased renewable energy, like solar and wind, as well as enhanced energy efficiency to reduce emissions and to transition New Jersey to 100% clean energy by 2035.
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.
A rebate program in Oregon will also pause next month because too many people are applying and the program is running out of money "due to overwhelming demand and limited funding," officials said.
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