48:25-4 Light duty plug-in electric vehicle incentive program.

4. a. No later than 180 days after the effective date of P.L.2019, c.362 (C.48:25-1 et al.), the Board of Public Utilities shall establish and implement a light duty plug-in electric vehicle incentive program for the purpose of encouraging the purchase or lease of new light duty plug-in electric vehicles in the State.

b. The board shall implement the light duty plug-in electric vehicle incentive program until June 30th of the 10th year after establishment of the incentive program.

c. (1) Any incentive offered pursuant to this section shall take the form of a one-time payment to the purchaser or lessee of an eligible vehicle.

(2) For the first year an incentive is offered, the amount of the incentive shall be equal to $25 per mile of EPA-rated electric-only range up to a maximum of $5,000 per eligible vehicle. For each subsequent year an incentive is offered, the board may, after consideration of stakeholder input, change the amount of the incentive and the manner in which an incentive is calculated, provided that no incentive shall exceed $5,000 per eligible vehicle. The board shall publish the amount of any incentives on its Internet website.

(3) The board may limit the number of plug-in electric vehicle incentives that it issues to a single person.

(4) The board may establish other requirements and parameters for the incentive program as it deems necessary and reasonable to further the goals of P.L.2019, c.362 (C.48:25-1 et al.).

d. The board shall monitor the disbursement of incentives under the incentive program, and annually reassess the design and implementation of the incentive program. Provided the board's action is consistent with the provisions of subsection c. of this section, the board may:

(1) revise the incentive program, any aspect of the incentives, or the related implementation procedures or processes; and

(2) develop additional incentives consistent with the goals of P.L.2019, c.362 (C.48:25-1 et al.) in order to ensure efficient and equitable electrification of transportation in the State.

e. Notwithstanding any other provision of law to the contrary, a light duty plug-in hybrid vehicle shall not qualify for an incentive under the light duty plug-in electric vehicle incentive program after December 31, 2022.

L.2019, c.362, s.4.