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What is the New Jersey electric vehicle rebate?
I commute from New Jersey to New York City for work every day. While I sometimes take public transit, I’m a bit wary due to COVID concerns. I was thinking about getting an electric vehicle to save money on fuel—does New Jersey have an electric vehicle rebate?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
EVs are a great way to save on gas! Although
New Jersey
hasn’t extended its electric vehicle program beyond July 2022, many lawmakers are promoting the idea. If you buy before this date or the state extends the program New Jersey offers an electric vehicle rebate of up to $5,000.However, New Jersey determines its rebate differently than many other states that have similar programs. The rebate gives you $25 for every mile of range your electric car or plug-in-hybrid vehicle has. To get the maximum rebate of $5,000, your car would need to have a total range of 200 miles.
To get this incentive, you also need to:
- Remain a New Jersey resident for 24 months after the purchase.
- Own the electric vehicle for 36 months after the purchase.
If you want to save even more money beyond the rebate and lower fuel costs, download the
Jerry
app to compare quotes and get the best rate for your electric vehicle car insurance.Jerry is a
licensed insurance broker
and insurance comparison tool that collects quotes from over 55 top-rated insurers in just 45 seconds. After you find a great rate, Jerry can help you buy new insurance and cancel your old policy. Users save an average of $800+ per year.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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