New Jersey is a leading state in electric vehicle (EV) adoption, with 91,515 registered EVs as of December 2022, with the numbers expected to grow significantly. Governor Phil Murphy's recent announcement to adopt California's 2035 deadline for all new cars to be zero emission (plug-in electric), reinforces the state's commitment to EV support. By aligning with California's emissions standards, New Jersey joins other East Coast states in advancing sustainable transportation. To further promote EV adoption, the state offers a range of incentives and rebates for installing EV charging stations, including DC fast charging stations and properties like hotels, multi-family homes, and mixed-use properties. This blog post provides an overview of New Jersey's key EV Charging Station incentives and rebates, categorized by state, and utility level programs.
Types of Incentives and Rebates
New Jersey offers a range of incentives for electric vehicle (EV) charging stations, such as tax credits, grants, and rebates, available at the State, or Utility level. With a substantial number of hotels, multi-family homes, and mixed-use properties in New Jersey, it is crucial for these establishments to take advantage of the opportunities provided by DCFC EV Charging Station Incentives and Rebates. By installing DCFC charging stations, these properties can attract and cater to the growing number of electric vehicle (EV) drivers, providing them with convenient and efficient charging options and thus increase the overall appeal of the property.
State Level Incentives and Rebates
1. Charge Up New Jersey Program: Provides rebates of up to $5,000 per Level 2 charging station and up to $25,000 per DCFC charging station for eligible businesses, government entities, and non-profits.
2. New Jersey Sales and Use Tax Exemption: New Jersey offers a sale and use tax exemption on the purchase of EV charging equipment, including DCFC stations. This exemption allows property owners to install charging infrastructure without paying the state sales tax.
3. It Pay$ to Plug In: Charging Station Grant Program: This incentive program is available for multi-family residential, commercial real estate buildings, government offices, and academic institutions. It provides up to $200,000 in grants for DC fast chargers with at least two ports, depending on their capacity.
4. Public Electric Vehicle Charging Station Grants: The New Jersey Board of Public Utilities (NJBPU) EV Tourism program offers grants of up to $50,000 to eligible sites including hotels for purchase of up to two DCFCs per site.
Utility-Level Incentives and Rebates
1. Atlantic City Electric: Atlantic City Electric offers a rebate of upto 90% of the costs of DC fast charging equipment, up to $60,000 per port for up to two ports per site.
2. Public Service Electric & Gas Company: The PSE&GC rebate program has a $166 Million budget and offers up to $25,000 for each publicly accessible fast charging station, covering up to four chargers per site (up to $100,000 per site). There is also an incentive of up to $50,000 for sites that require an upgrade of utility-owned assets. Customers may also qualify for demand charge rebates under the Public DCFC subprogram.
3. Jersey Central Power & Light (JCP&L): The utility’s incentive program for publicly accessible DCFCs offers rebates of $25,000 per port for a minimum of 2 and up to 10 ports per site, subject to a maximum of 50% of all eligible costs. JCP&L also offers power bill credits when customers use EV charging stations during off-peak hours. It also offers a rebate of up to $50,500 in cases where utility-owned assets need to be upgraded to provide adequate power for DCFC stations.
Incentives such as grants and rebates allow the owners of multifamily buildings, hotels, and commercial buildings to offset some of the considerable costs of permitting, procuring, and installing DCFCs at their properties. The availability of DCFC will likely be a significant competitive advantage for these properties in attracting customers and are increasingly becoming part of regulatory requirements in states like New Jersey which have set aggressive targets for emissions reduction through electrification.
At the same time, several laws and regulations in New Jersey increasingly require the inclusion of EV charging infrastructure in the development of new real estate assets and infrastructure assets. For example, 15% of all multi-family properties and 20% of all lodging properties must have EV charging stations by December 31, 2025. The State requires that municipal masterplans should promote the installation of EV chargers in locations such as commercial districts, transportations corridors and rest stops. Likewise, New Jersey encourages individuals, businesses and public entities that are completing infrastructure development projects or redeveloping residential, commercial, public, or other structures to include EV charging and zero emission fueling infrastructure.
New Jersey has embarked on a clear path to achieve net zero emissions from transportation in the next two decades and is offering a range of incentives to achieve this, backed by several relevant planning requirements to encourage or mandate property owners to install EV charging equipment. Widespread adoption by properties like multifamily buildings and hotels will leave any laggard at a severe commercial disadvantage as most vehicles on the road become EVs. Identifying and making use of every available EVSE incentive offers the most commercially attractive path for property owners to become early adopters and attract more customers sooner.