NJ will chip in up to $4K to help you buy an electric vehicle, Murphy says

New Jersey will spend millions of dollars to get people to ditch gas stations and purchase all-electric vehicles to fight climate change, Gov. Phil Murphy announced Monday.

It includes a payment of up to $4,000 to reduce the price of an electric vehicle and $250 to help pay for a charging station at their homes, Murphy said. Another $4 million will go towards giving incentives for apartment buildings and condominiums to install charging stations for their residents to use.

The roughly $60 million that will be used to fund the incentive program will come from this year’s Clean Energy Fund, Murphy said.

“There is no doubt that the tide has turned and electric vehicles are now a legitimate alternative, equal to their internal-combustion competitors in price if not superior in performance,” the Democratic governor said during an event in Asbury Park.

He added: “As the prices of EVs continue to fall more and more in line with gas-powered cars — especially in the all-important and growing mid-price category — we know this incentive can push more buyers to making the decision to go electric.”

The state is willing to chip in up to $4,000 for vehicles under $45,000 and, and up to $2,000 for vehicles priced between $45,000 and $50,000, Murphy’s office said.

The incentive begins July 25 and is applied at the time of the sale. It is limited to New Jersey residents.

It’s the third year of his administration’s “Charge Up New Jersey program.” The governor said more than 13,000 electric vehicles were purchased in the first two years the state offered incentives for electric vehicles.

The state will also spend $4 million to give incentives for local incentive to buy electric vehicles, Murphy said. His administration is setting aside $ 30 million to buy EVs.

There are about 65,000 electric vehicles registered in the state, Murphy said.

“By the close of last year, roughly 5 percent of all new vehicle sales nationwide were EVs. We want to help grow that share by getting more New Jerseyans into their first electric vehicles,” he said.

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Matt Arco may be reached at marco@njadvancemedia.com. Follow him on Twitter at @MatthewArco.

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