NJ EV Vehicle Rebate Budget Cut

[joshdrex]

Saw this news break on Friday. Have a Model 3 ordered currently, hoping to receive in the next week or two. Wondering if I will still be able to receive rebate (cuts begin in 2021 FY, or effective immediately?

NJ Planned to Help People Buy Electric Cars With a $5,000 Rebate. Now, Not So Much | NJ Spotlight

 

[Tsmod3fsd]

Oh boy that’s a big bummer! Not sure if the cuts are directly to the EV rebate program. Can’t see any other news. Let see.

 

[hakunamattata]

Yes it is a bummer, I was banking on that for a Model Y towards year end. I am suspecting they will get rid of the $500 rebate for Level 2 charging equipment. Also the rebate was supposed to be a point of sale one, I am pretty sure it will no longer be that way thereby slowing down the payout period.

 

[joshdrex]

Yes it is a bummer, I was banking on that for a Model Y towards year end. I am suspecting they will get rid of the $500 rebate for Level 2 charging equipment. Also the rebate was supposed to be a point of sale one, I am pretty sure it will no longer be that way thereby slowing down the payout period.

Emailed the office this morning just to get some specifics on what the rebate cut entails. Will keep you posted.

 

[joshdrex]

Oh boy that’s a big bummer! Not sure if the cuts are directly to the EV rebate program. Can’t see any other news. Let see.

Emailed the office that processes the rebates to get some specifics. Will keep you posted as to what I find out.

 

[aparan]

I assume there are no immediate termination of the program or so other than the reduction of the budget...I am sure its going to come in some shape or form.

Once you buy the car, to qualify for the rebate do you know how long one has to keep the car?

 

[Moe55]

I assume there are no immediate termination of the program or so other than the reduction of the budget...I am sure its going to come in some shape or form.

Once you buy the car, to qualify for the rebate do you know how long one has to keep the car?

i believe the program rules require you to keep the car 36 months, thats why 24 month leases do not qualify

i just spoke to a rep and he said that they will give notice before anything is done. i hope he knows what hes talking about, im supposed to get my car in the next week or 2

 

[cdswm3]

Looks like it is cancelled already.

 

[joshdrex]

i believe the program rules require you to keep the car 36 months, thats why 24 month leases do not qualify

i just spoke to a rep and he said that they will give notice before anything is done. i hope he knows what hes talking about, im supposed to get my car in the next week or 2

Spoke to a rep as well via email and they said they are still accepting applications. Thinking they may just keep it going until the run dry. Keeping my fingers crossed and hoping for my car ASAP lol.

 

[Moe55]

Looks like it is cancelled already.

where did you see that?

 

[joshdrex]

where did you see that?

Did you get the 3-6 week delay today as well?

 

[vinny84]

If the numbers reported in above news article are true, it looks like only 2800 people will receive $5k rebate check this year. I am guessing they will probably pause the program once they get to 2800. A friend of mine applied today and he was 2320.

$14 Million / $5k = 2800 applications

 

[hakunamattata]

Oh boy that’s a big bummer! Not sure if the cuts are directly to the EV rebate program. Can’t see any other news. Let see.

Her

If the numbers reported in above news article are true, it looks like only 2800 people will receive $5k rebate check this year. I am guessing they will probably pause the program once they get to 2800. A friend of mine applied today and he was 2320.

$14 Million / $5k = 2800 applications

The article is true, just don't know how they are managing the budget. Here is the legal mumbo jumbo on the budget

Board of Public Utilities | NJBPU Approves Extended Clean Energy Program Budget that Prioritizes Workforce Development, Equity

https://www.nj.gov/bpu/pdf/boardorders/2020/20200729/8A - ORDER Clean Energy Budget Extension.pdf

Also the 2800 number is assuming all of the applications are for Tesla's however other cars qualify too so the application number at which they pause maybe slightly different

 

[joshdrex]

Her


The article is true, just don't know how they are managing the budget. Here is the legal mumbo jumbo on the budget

Board of Public Utilities | NJBPU Approves Extended Clean Energy Program Budget that Prioritizes Workforce Development, Equity

https://www.nj.gov/bpu/pdf/boardorders/2020/20200729/8A - ORDER Clean Energy Budget Extension.pdf

Also the 2800 number is assuming all of the applications are for Tesla's however other cars qualify too so the application number at which they pause maybe slightly different

I would say that it’s difficult to make those assumptions based off of the rebate being different amounts for different vehicles. At the worst case scenario, another 480 NJ Tesla owners would qualify. However, several of the applications they’ve approved I would guess are for vehicles that aren’t Tesla and may earn less than the full $5000. The program will definitely run dry, but it’s a matter of how much time do we have left?

 

[joshdrex]

Also if we said the only rebates they gave out were $5k Tesla ones and nothing less, then if they’ve executed 2320 rebates to date, that means they do about 310 per month (2320/7.5 months). If they’ve got 480 rebates left to give that would give the program another life of at least into early October.

 

[cdswm3]

Also if we said the only rebates they gave out were $5k Tesla ones and nothing less, then if they’ve executed 2320 rebates to date, that means they do about 310 per month (2320/7.5 months). If they’ve got 480 rebates left to give that would give the program another life of at least into early October.

But now that everyone knows the program is ending or ended, there will will be a big push to get applications in ASAP.

 

[ml0204]

But now that everyone knows the program is ending or ended, there will will be a big push to get applications in ASAP.

I purchased my M3 on 3/21. Was applicant 0399 and received my $5,000 check last week.

 

[DwightKSchrute]

Looks like it is cancelled already.

I hope not (my check is "in the mail"). It sounds like the long term funding is in question and the home charging program will likely not be implemented.

 

[hakunamattata]

I hope not (my check is "in the mail"). It sounds like the long term funding is in question and the home charging program will likely not be implemented.

I am not a finance or legal person, based on what I understand NJ Board of Public Utilities i.e. PSEG etc just readjusted their budget cycle to match the state's fiscal year budget cycle of September 2020. NJ has a requirement to balance their budget every year which meant NJBPU gave unspent money until Sept 2020 back into the pool to assist for COVID relief.

Yes I agree long term funding maybe in question but then NJBPU is funding all of this through the tarriff's it collects through your utility bills. September will be the time to see what happens next for FY 2021

 

[Moe55]

i just emailed my congressman urging him to either stop the budget cut or at least give a hard cut off date so it helps with the uncertainty, doesnt hurt.

i urge you all to do the same