On Jan. 28, 2020, New Jersey Gov. Phil Murphy signed into law new legislation designed to encourage the electrification of the transportation sector in a significant way. This new law establishes several new state goals: to have 330,000 electric vehicles on the road by 2025, 2 million EVs by 2035, and to have 85% of all vehicles sold or leased by 2040 be electric vehicles. Reaching these goals would go a very long way towards helping New Jersey meet the ambitious targets for reducing carbon emission in the existing Global Warming Response Act and will go a long way towards implementing the new State Energy Master Plan.
In addition, the new law sets goals for increasing publicly accessible charging stations at 400 fast-charging stations, and 1,000 Level 2 charging stations by 2025 and to have 15% of all multi-family residential properties and 20% of overnight lodging establishments equipped with charging stations by 2025.
The legislation targets 25% of non-emergency light-duty vehicles as electric vehicles by 2025 and requires that 100% of these vehicles be electric by 2035. And 10% of new bus purchases by NJ Transit shall be zero-emissions vehicles by 2024, 505 by 2026, and 100% by 2032!
Significant incentives for the purchase or lease of electric vehicles are included in the new law, with immediate rebates of up to $5,000 per electric car, depending on the specific vehicle. These rebates would be required to be provided immediately by dealers in addition to any other discounts or special programs they offer and would be available to consumers in addition to the federal tax credit for the purchase of electric vehicles, and the state sales tax exemption for the purchase of an electric vehicle. Together, these incentives offer a very attractive package that should drive a significant increase in the interest in purchasing or leasing an electric car!
These incentives will be paid for by using funds from the existing Societal Benefit portion of consumers' electric bill, and form proceeds of carbon auction held under the Regional Greenhouse Gas Compact, which New Jersey rejoined in 2019.
With this new law, New Jersey reclaims its position as a genuine environmental leader and offers all of us new hope in the struggle to address the adverse impacts of climate change. So why not celebrate and go take advantage of a great deal on the purchase or lease of a new electric car?