New Jersey Offering $5,000 Off EVs
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It used to be that purchasing an electric vehicle, or EV, meant buying from one of only a few manufacturers like Tesla. What we’re seeing now, though, is that well-known manufacturers
are either in stages of producing EVs or have already released them. This is helping make electric vehicles more open to the public.
An issue that many have with switching to an electric vehicle, though, is the cost of EVs. According to NJ.com, New Jersey is hoping to help drivers overcome these prices with a $5,000 rebate on electric vehicle purchases. Between these rebates and the cheapest insurance plans in New Jersey, electric vehicles may become more common in the state.
Rebates on electric vehicle purchases
New Jersey is offering a heavy rebate to encourage electric vehicles
Right now, even with more options on the market, a driver can expect to pay at least $30,000 for an electric vehicle. With the New Jersey Board of Public Utilities’ plan, this can become a bit more manageable. The rebates of up to $5,000 are applicable for those who purchase or lease an EV.
This game-changing discount program has been used by the state before. With a previous iteration of the program, 7,000 drivers received rebates for buying electric vehicles. The program only stopped because funds ran dry last December.
While this rebate program is exclusive to New Jersey, those interested in electric vehicles should be on the lookout for tax credits. The federal government currently offers a tax credit of up to $7,500 for purchasing an EV.
The rebate is part of a greater state plan
New Jersey Governor Phil Murphy wants the state to become more electric vehicle-friendly. This is the purpose of the rebate program, to increase the number of drivers using electric vehicles.
Right now, 40% of New Jersey’s greenhouse gas emissions come from transportation. The New Jersey government believes EVs can be helpful in fighting climate change.
Their goal is to have 330,000 electric vehicles registered in New Jersey by 2025. However, they are far from that goal right now with only 41,000 EVs at the end of last year.
Charging electric vehicles is also a barrier for many
The cost of EVs is the biggest barrier to entry, but the accessibility of charging is another key barrier. Gas-powered car drivers can drive confidently knowing that there is always a gas station nearby. This is not always true for EV drivers.
In New Jersey, this is a major issue. The state has fewer than 600 charging stations, and most of these are not rapid chargers like Tesla’s Superchargers. This means that if EV drivers need a charge in New Jersey, they may be stuck waiting for hours.
Electric vehicles can also be charged at home, but drivers have to have specific chargers installed.
There are plenty of reasons to purchase an electric car right now. The prices are decreasing and more charging stations are being added nationwide. If you live in New Jersey, the state’s rebate program helps combat one of the biggest hurdles in purchasing an EV.
With more EVs on the market, it is clear that the automotive world is changing. Even those who do not drive electric vehicles now have access to safety features and other convenient technology that was previously not possible.
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