The NJ BPU has recently released a compliance filing regarding the updated terms of the Charge Up NJ program for the 2024 Fiscal Year. The incentive terms are as follows:
MSRP < $45,000 = Up to $4000(unchanged) $45,000 < MSRP < $55,000 = Up to $1500(down $500 from $2000 FY23)
(unchanged) NJ Residents only (verified with DL), remain resident of NJ for 2 years after purchase/lease, must purchase/lease on/after the official start of the FY24 program, must maintain ownership or active lease agreement with registration with NJMVC for a minimum of 3 years (minimum 36-month lease), maximum 3 incentives per applicant in the 10-year active program period
Electric Vehicle Charger Rebate Remains unchanged
Incentive Program History:
Phase 1
Up to $5000 for EVs, MSRP < $55k
Post-Sale Rebate
Phase 2
Up to $5000 for EVs, MSRP < $45k
Up to $2000 for EVs, $45k < MSRP < $55k
Point-of-Sale Incentive
Phase 3
Up to $4000 for EVs, MSRP < $45k
Up to $2000 for EVs, $45k < MSRP < $55k
Point-of-Sale Incentive
EV Charger Incentive Rebate - $250
Charge Up NJ (FY24) Compliance Filing (Draft for Public Comment):
Notice of Public Hearing (June 2, 2023, 12:30 PM EST):
“Lastly, the requirement that the MSRP at time of funding match the MSRP at time of delivery is confusing and seems to only encourage dealers to not take advantage of this offering. Why would a customer whose MSRP is reduced between order and delivery no longer qualify for an incentive? Similarly, why would a customer whose MSRP increased for some reason but still falls under the MSRP cap, no longer qualify for an incentive? If the issue is when a MSRP is reduced to the point where a customer now qualifies for a higher incentive, then the BPU should simply say that the customer will be eligible for the incentive amount available to them at time of order if they choose to reserve funding at time of order.”
The program was launched in order to promote affordability for EVs. No one willingly will place a non-refundable order deposit on a vehicle they know they can’t afford. You should have known when placing your order that you were not eligible for any state incentive because the car you had the intent of purchasing was beyond the MSRP limits, same goes for a vehicle under 55k that drops below the 45k threshold, no need to increase the incentive. It’s that simple, you agreed to the terms prior. If you really wanted to take advantage then place a new order.
I had a dealer that was kind of leading me in the direction of placing an order with the kinda sorta promise of being able to take another unit when the program goes live again but this gave me pause. I don’t want to end up in a situation where I’m not eligible for the incentive, it defeats the entire purpose of what I’m looking to do.
If you placed an order while the program was still active, and your order was within the qualifications to approve for the rebate, the dealer (if they know what they’re doing) should have submitted the paperwork with the state to reserve the funds for your incentive for when your car was delivered. That’s why there is a 1/2 week better after they close the program for the dealers to file the paperwork.
