EV buyers in New Jersey to get tax rebates up to $5,000, PHEVs included

Going green in the Garden State could soon net you some green, in the form of state tax rebates for those who buy or lease an EV or a PHEV. A bill that just passed the state Legislature would give New Jersey among the strongest electric-car incentives in the country.

EV purchases would earn a $5,000 rebate for models with 200 miles of range or better. For EVs with less range, the rebate would be pro-rated at $25 per mile. The PHEV rebates are the same $25 per mile, and are also based on electric range. The PHEV incentive sunsets after 2022. Vehicles priced above $55,000 would be ineligible for the incentives. The bill also provides $500 to offset the purchase price of an in-home charger, and spurs development of public chargers as well.

According to Energy.gov, New Jersey’s proposed rebate would put the Garden State ahead of Colorado, giving it the most generous maximum state incentive in the nation . New Jersey Gov. Phil Murphy is expected to sign the bill into law.

Source: AutoBlog.com