The government rebate program that the state of New Jersey offers to its residents who are interested in purchasing or leasing an electric vehicle is being scaled back.
According to the administrators, the program is suffering the consequences of its own success because it has become so popular that it is running out of money.
The program known as Charge It Up New Jersey has been placed on hold for the time being.
According to the estimates provided by the state’s Board of Public Utilities, the program’s total distributions for the fiscal year that will finish in July amount to approximately $35 million.
According to the current rate of application approvals and orders for qualified vehicles, the funds that has been set aside for this purpose will shortly be distributed.
Residents of the state are eligible to get a rebate of up to $4,000 when they purchase or lease a new electric vehicle through the program, which has been running for three years.
Tax credits and other types of incentives offered by the federal government are intended to bring down prices and increase the number of buyers.
According to Kelley Blue Book, the average price of an electric vehicle (EV) is now more than $58,000.
After the beginning of the new fiscal year on July 1, it is anticipated that the program will once again be operational.
Since the beginning of the initiative in May of 2020, almost 25,000 electric vehicles have been leased or purchased with the help of the $90 million in financial incentives.
In New Jersey, last year, electric vehicles made approximately 8% of all new auto sales.
The refund program in New Jersey is not the only one that has been put on hold at this time.
The success of the program in Oregon that provides subsidies for the purchase or leasing of electric vehicles has also caused the program to suffer.
Since May of this year, the state has temporarily suspended rebates for a period of one year due to the high volume of applications received, which has caused the program to run out of funding.
According to a new poll that was just published the week before last, a significant number of American drivers are not yet convinced on the idea of purchasing an electric vehicle for their next vehicle, with high pricing and a lack of charging stations being the primary deterrents.
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