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Charge-Up NJ rebate program Phase 2
- Thread starter rjpjnk
- Start date
That’s a good question. If it passes in it’s current form, yes. But I’m thinking May 24 was chosen merely because that was the day it was written. What other significance could it have? So if they meet again does the date get updated?
Considering the amount of activity post the link shared in this forum I just went ahead and placed the order with $100 down. the rate at which tesla has been raising the price it gives me very little confidence to wait. Hope this decision is the best we can take under current clarity we have.
worst case we can cancel our order.
worst case we can cancel our order.
That’s what I have done. No point waiting as it is a refundable deposit. It is fair to expect more clarity in next 2-3 weeks and that may mean that tesla also has the opportunity to raise prices
Where does it say 1/1/2022 date of purchase? Cause I thought it was 5/24/2021 date.
For the federal tax rebate, the proposal says that any vehicles purchased after 1/1/2022 get a refundable tax rebate, where customers get the total eligible tax credit, regardless of how much income tax they pay. The current federal tax rebate is non-refundable, meaning you have to pay at least $7500 in income tax to qualify for the full $7500 rebate (someone paying $5000 in income tax only qualifies for a $5000 rebate).
Assuming the 5/24 date stays and the bill is passed, ordering a Tesla between now and 12/31/2021 should allow customers to get a rebate up to $10,000 ($7500 standard + $2500 for an American-made car), assuming they pay at least $10,000 in income tax for this coming year. Ordering in 2022 would allow anyone to get the $10,000 rebate no matter what.
The only thing I'm not sure about is if the $10,000 rebate eligibility is based on owing at least $10,000 in income taxes or if they stick to the $7500 threshold for all rebate levels.
The 1/1/2022 date is when the credit becomes a refundable credit rather than a non refundable credit like it is now. The difference is with a non refundable credit you have to have a tax liability of at least as much as the credit on your tax return in order to get the credit. When it becomes a refundable credit it means you can get the credit even if you don't owe that much tax. At least that is what I learned from reading today.
NEWB here. Great discussion.
IMHO, it looks like NJ is stalling and waiting to see how Clean Energy America Act (CEAA) plays out. That is probably one reason the July 1st date on NJ clean energy website is gone and now it’s says summer. I understand that CEAA is based on tax credit and would not help everyone, however it make sense for NJ to incentivize EV below certain amount to help people who would not have high taxes liability at the end of year.
What a frustrating situation.
IMHO, it looks like NJ is stalling and waiting to see how Clean Energy America Act (CEAA) plays out. That is probably one reason the July 1st date on NJ clean energy website is gone and now it’s says summer. I understand that CEAA is based on tax credit and would not help everyone, however it make sense for NJ to incentivize EV below certain amount to help people who would not have high taxes liability at the end of year.
What a frustrating situation.
I have been following this thread, the NJ rebate, and potential launch of Phase 2 since Feb. I placed my order on April 26 and checked this thread often as I debated if the car would deliver before or after July 1 and uf I’d be elligible. I had my heart set on taking 5k off the top, and watched my delivery date disappear and change, then evetually settle on June 13-30. I also watched the price of the car increase $500 evey 2 weeks since I ordered. And I’ve come a long way from saying “I will not buy this car without the 5k rebate” to seeing the rebate capped at 2k for my msrp, to clicking the blue button this morning to accept tesla vision, and then be immediately greeted with a vin and an updated delivery of June 1-7! I’ve been through too many emotional rollercoasters to pass on this now, and it wouldn’t be worth it anyway for only 2k when the price has increased almost as much since then. And now seeing the the July 1 date has stalled, I’m so glad I took the chance of ordering early. I’m tapping out, collecting my car and hoping for a federal credit on the back end. If not, it was worth the wait anyway - thanks for the ride!
I just scheduled delivery for next week. After listening to that webinar and the fact they really don’t even know what they want to do a month out, I have little confidence they will figure it out anytime soon.
Are you referring to this week's NJ BPU meeting? Is it still possible to listen/watch it online? I'd like to take a listen to get a feel for the general sentiment.
I’m in the same boat. I’m done waiting on NJ to get their act together. As you mentioned the original $5000 may be only 2500 if that. My only consolation is that I pulled out of of my trade in with Tesla and got $3500 more from car max
Hopefully the fed comes through. but Jun 4 th delivery will soon be all behind and I can actually enjoy the car. All the best!
They said it would be available online to see the presentation but not sure where. The feeling I got was that the 2k soft cap for 45-55k was almost decided.
According to NJ charge up 2021 proposal I suppose it would be fair to 2021 first half year EV buyers let them claim the 5 k rebate on the post purchase basis and organize point of sale rabete in parallel. In 2020 people had a chance claim rebate for whole year not only after beginning the fiscal year in July.
I agree. I gave up and took delivery because I waited as long as I could before I actually needed a car. I really could have used the rebate, but I also believe in minimizing my environmental impact as I go back to commuting via car, so I’ve made other financial choices to still make that a possibility. So now everyone who has been waiting on NJ as long as they can to go electric gets penalized for early adoption and contributing to NJ’s EV goal because NJ can’t give any info other than ‘there will be some rebate at some point for some cars starting sometime in the summer. Probably. And if you needed a car before we got our *sugar* together, oh well’
And sure, yes, the fiscal budget doesn’t start till Jul 1. But then like you said, they should adjust the program so Pre Jul 1 it’s post rebate, post Jul 1 when we figure out POS, it’s POS rebate. Then no one is left behind.
As I heard from cometee meeting last Thursday they are going to fund up $6 mln from the current year budget starting at Jul, 1 to cover 2020 year purchases. So letting the 2021 sales without covering is unfair and weird.
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