What Are the 2022 NJ EV Incentives?

BMW has made major headway in the quest for innovative green technology, including using low-carbon steel to lower CO2 emissions and expanding sustainability throughout the manufacturing process. And beyond the environmental benefits, there are also very real financial benefits for EV drivers in Philadelphia and Sewell! Explore the NJ EV incentives below, and learn more car buying tips from BMW of Turnersville!

NJ EV Tax Credit

Did you know that New Jersey offers an incentive rebate of up to $5,000 for those who purchase or lease an eligible zero-emission vehicle in the state? It’s true, and that’s just one of the many ways that you can benefit from making the switch to electric.

• Utilities: Certain EV charging stations that receive electric utility service from Atlantic City Electric Company (ACE) or Public Service Electric and Gas Company (PSE&G) may be eligible for up to 90% of the combined charger purchase and installation costs.
• Taxes: Zero Emission Vehicles are exempt from the NJ state sales tax, so you’ll save 6.625% on the sale, lease or rental of a new or used battery electric vehicle.
• Tolls: Electric vehicles are qualified to receive reduced toll rates via the Green Pass Discount through their EZ Pass accounts: 10% discount on the off-peak rate for the New Jersey Turnpike and Garden State Parkway.
• HOV Access: Electric vehicles can drive in the HOV lanes, regardless of the number of passengers in the vehicle

BMW EV Tax Credit for 2022

So, what about the BMW lineup specifically? Depending on which model you select, you could receive a federal tax break of several thousand dollars. The plug-in hybrid electric vehicles qualify for a partial $5,836 tax credit, while the full EV models are eligible for the full $7,500 amount. Compare the BMW EV tax credit options for 2022:

Plug-In Hybrid Electric Vehicles ($5,836 Tax Credit)

• 2022 BMW X5 xDrive45e
• 2022 BMW3 Series 330e xDrive
• 2022 BMW5 Series 530e xDrive
• 2022 BMW 7 Series 745e xDrive
• 2022 BMW X3 xDrive30e

Plug-In Hybrid Electric Vehicles ($7,500 Tax Credit)

• 2022 BMW i4
• 2022 BMW iX

Still deciding whether a hybrid or an EV is a better fit for your needs? We can help.

Find Out More about the NJ EV Tax Credit with BMW of Turnersville

Want to find out how an electric vehicle can fit into your daily Williamstown commute? Get in touch with BMW of Turnersville to ask any questions on your mind, and start shopping our hybrid and electric inventories. You can contact us at any time or apply for financing to get the process started!