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Annual registration fee for electric vehicles now introduced in New Jersey

Annual registration fee for electric vehicles now introduced in New Jersey
Annual registration fee for electric vehicles now introduced in New Jersey

TRENTON — According to Politico’s E&E News, electric vehicle owners in New Jersey felt the effects of the state’s budget woes a few days ago, saying the financial problems are far from over, as they are “exacerbated by the decline in gasoline tax revenue.”

As of July 1, electric vehicle owners must pay an annual registration fee of $250, which then increases by $10 annually. In July 2028, the fee will be $290, according to the governor’s office.

This money will then be used to support various transportation infrastructure measures and projects made possible through the Transportation Trust Fund, which was most recently renewed by Governor Phil Murphy in March. More information about the fund can be found here.

The governor’s office notes that the fund has been in existence since 1984 and has been renewed several times. According to the New Jersey Monitor, the fund has traditionally benefited from gasoline taxes and sales taxes.

With the help of the fee now introduced, the portal says, the Office of Legislative Services could have raised more than $61 million in the last fiscal year, the report says. In the 2029 fiscal year, the office expects this amount to be more than $207 million.

Proponents of the increase, as mentioned by the New Jersey Monitor, say it is a measure that will make electric cars less affordable for the average consumer.

According to the Associated Press, the Garden State will stop selling gasoline-powered vehicles by 2030.

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Gallery Credit: Erin Vogt

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