NJ EV Tax Credit and Incentive Savings Calculator

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NJ EV Tax Credit and Incentive Savings Calculator

Estimate your total savings from federal EV tax credits, New Jersey state incentives (NJDEP CHARGE UP program), sales tax exemption, and long-term fuel and maintenance savings when switching to an electric vehicle in New Jersey.

Vehicle Purchase Price ($)

Vehicle Type

New Battery Electric Vehicle (BEV) New Plug-In Hybrid Electric Vehicle (PHEV) Used BEV (2+ years old) Used PHEV (2+ years old)

Battery Capacity (kWh)

Check your vehicle specs. Common: Nissan Leaf = 40 kWh, Tesla Model 3 = 75 kWh, Chevy Bolt = 65 kWh

Is vehicle MSRP within federal credit limits?

Yes — Sedan/Car under $55,000 or SUV/Truck/Van under $80,000 No — Exceeds MSRP cap

Your Adjusted Gross Income (AGI) ($)

Used to determine federal credit eligibility. Single filers: ≤$150K new / ≤$75K used. Joint filers: ≤$300K new / ≤$150K used.

Tax Filing Status

Single / Married Filing Separately Married Filing Jointly / Head of Household

Annual Miles Driven

Current Gas Vehicle MPG

Current Gas Price ($/gallon)

Your Electricity Rate ($/kWh)

NJ average is ~$0.17/kWh. Check your utility bill for your exact rate.

EV Efficiency (miles per kWh)

Typical range: 3–4 mi/kWh. Tesla Model 3 ≈ 4.0, Nissan Leaf ≈ 3.5, Chevy Bolt ≈ 3.5

Planned Ownership Period (years)

Calculate My Savings

function njEvCalc() { // --- Gather Inputs --- var vehiclePrice = parseFloat(document.getElementById('nj-vehicle-price').value); var vehicleType = document.getElementById('nj-vehicle-type').value; var batteryKwh = parseFloat(document.getElementById('nj-battery-capacity').value); var msrpEligible = document.getElementById('nj-msrp-eligible').value; var agi = parseFloat(document.getElementById('nj-agi').value); var filingStatus = document.getElementById('nj-filing-status').value; var annualMiles = parseFloat(document.getElementById('nj-annual-miles').value); var currentMpg = parseFloat(document.getElementById('nj-current-mpg').value); var gasPrice = parseFloat(document.getElementById('nj-gas-price').value); var electricityRate= parseFloat(document.getElementById('nj-electricity-rate').value); var evEfficiency = parseFloat(document.getElementById('nj-ev-efficiency').value); var ownershipYears = parseFloat(document.getElementById('nj-ownership-years').value);

var errors = []; if (isNaN(vehiclePrice) || vehiclePrice 0) { resultDiv.style.display = 'block'; resultDiv.innerHTML = 'Please fix the following:' + errors.map(function(e){ return ''; }).join('') + ''; return; }

// ===================================================================== // 1. FEDERAL TAX CREDIT (IRS §30D / §25E — Inflation Reduction Act 2023+) // ===================================================================== var federalCredit = 0; var federalCreditNote = ""; var isUsed = (vehicleType === 'used_bev' || vehicleType === 'used_phev'); var isBEV = (vehicleType === 'new_bev' || vehicleType === 'used_bev');

// AGI income thresholds
var agiLimitNew = (filingStatus === 'joint') ? 300000 : 150000;
var agiLimitUsed = (filingStatus === 'joint') ? 150000 : 75000;
var agiLimit = isUsed ? agiLimitUsed : agiLimitNew;
var agiEligible = (agi = 7 kWh and meets assembly/mineral requirements
// PHEV: $2,500 base + $417 per kWh above 5 kWh, capped at $7,500
if (msrpEligible === 'yes' && agiEligible) {
if (isBEV) {
// Full $7,500 for BEV meeting requirements (battery >= 7 kWh assumed)
federalCredit = (batteryKwh >= 7) ? 7500 : 0;
federalCreditNote = batteryKwh >= 7
? "Full $7,500 federal credit for new BEV (§30D)."
"Battery under 7 kWh — not eligible for federal credit."; } else { // PHEV: $2,500 + $417 × (kWh − 5), capped at $7,500 if (batteryKwh >= 7) { federalCredit = Math.min(2500 + 417 * (batteryKwh - 5), 7500); federalCreditNote = "PHEV federal credit = $2,500 + $417 × (" + batteryKwh.toFixed(1) + " − 5 kWh) = $" + federalCredit.toFixed(0) + ", capped at $7,500 (§30D)."; } else { federalCredit = 0; federalCreditNote = "PHEV battery under 7 kWh — not eligible for federal credit."; } } } else if (msrpEligible === 'no') { federalCredit = 0; federalCreditNote = "Vehicle MSRP exceeds federal cap — no federal credit."; } else if (!agiEligible) { federalCredit = 0; federalCreditNote = "AGI of $" + agi.toLocaleString() + " exceeds the " + (filingStatus === 'joint' ? '$300,000' : '$150,000') + " limit for new vehicles — no federal credit."; } } else { // Used vehicle: §25E — 30% of sale price, capped at $4,000 // Vehicle must be at least 2 model years old, price ≤ $25,000 if (vehiclePrice 25000) { federalCredit = 0; federalCreditNote = "Used vehicle price exceeds $25,000 cap — no federal used EV credit."; } else if (!agiEligible) { federalCredit = 0; federalCreditNote = "AGI of $" + agi.toLocaleString() + " exceeds the " + (filingStatus === 'joint' ? '$150,000' : '$75,000') + " limit for used vehicles — no federal credit."; } }

// ===================================================================== // 2. NJ CHARGE UP INCENTIVE (NJDEP) // ===================================================================== // CHARGE UP NJ: $25 per kWh of battery capacity, up to $4,000 for new BEV/PHEV // Applies to new vehicles with MSRP ≤ $55,000 (cars) or ≤ $80,000 (SUV/truck) // Used vehicles: not eligible for CHARGE UP var njChargeUp = 0; var njChargeUpNote = ""; if (!isUsed && msrpEligible === 'yes') { njChargeUp = Math.min(25 * batteryKwh, 4000); njChargeUpNote = "NJ CHARGE UP = $25 × " + batteryKwh.toFixed(1) + " kWh = $" + njChargeUp.toFixed(0) + ", capped at $4,000."; } else if (isUsed) { njChargeUpNote = "NJ CHARGE UP program applies to new vehicles only."; } else { njChargeUpNote = "Vehicle MSRP exceeds limit — CHARGE UP may not apply. Verify with NJDEP."; }

// ===================================================================== // 3. NJ SALES TAX EXEMPTION // ===================================================================== // NJ exempts EVs from the 6.625% sales tax (N.J.S.A. 54:32B-8.55) var njSalesTaxRate = 0.06625; var njSalesTaxSavings = vehiclePrice * njSalesTaxRate; var njSalesTaxNote = "NJ Sales Tax Savings = $" + vehiclePrice.toLocaleString() + " × 6.625% = $" + njSalesTaxSavings.toFixed(2);

// ===================================================================== // 4. ANNUAL FUEL SAVINGS // ===================================================================== // Gas cost per year = (annualMiles / mpg) × gasPrice // EV cost per year = (annualMiles / evEfficiency) × electricityRate var annualGasCost = (annualMiles / currentMpg) * gasPrice; var annualEvFuelCost = (annualMiles / evEfficiency) * electricityRate; var annualFuelSavings = annualGasCost - annualEvFuelCost; var totalFuelSavings = annualFuelSavings * ownershipYears;

// ===================================================================== // 5. MAINTENANCE SAVINGS // ===================================================================== // EVs save ~$0.06/mile on maintenance vs ICE (Consumer Reports / DOE data) // ICE avg maintenance: ~$0.101/mile; EV avg: ~$0.040/mile → savings ~$0.061/mile var maintenanceSavingsPerMile = 0.061; var annualMaintenanceSavings = annualMiles * maintenanceSavingsPerMile; var totalMaintenanceSavings = annualMaintenanceSavings * ownershipYears;

// ===================================================================== // 6. NJ REGISTRATION FEE SAVINGS // ===================================================================== // NJ charges EVs a flat $250 registration fee vs standard fee based on weight. // Average NJ ICE registration ~$84/year for standard vehicle. // Note: NJ added a $250 annual surcharge for EVs starting 2024 (IIJA funding offset). // Net: EV registration surcharge = $250/yr vs ICE avg ~$84/yr → slight EV cost increase // We note this as a cost, not a saving. var njEvRegistrationSurcharge = 250; // per year var njIceRegistrationAvg = 84; // per year average var annualRegistrationDiff = njEvRegistrationSurcharge - njIceRegistrationAvg; // positive = EV costs more var totalRegistrationDiff = annualRegistrationDiff * ownershipYears;

// ===================================================================== // 7. TOTALS // ===================================================================== var totalUpfrontIncentives = federalCredit + njChargeUp + njSalesTaxSavings; var totalOngoingSavings = totalFuelSavings + totalMaintenanceSavings - totalRegistrationDiff; var grandTotal = totalUpfrontIncentives + totalOngoingSavings;

// Cost per mile (EV vs Gas) var gasCostPerMile = gasPrice / currentMpg; var evCostPerMile = electricityRate / evEfficiency;

// ===================================================================== // OUTPUT // ===================================================================== var html = '### Your Estimated EV Savings in New Jersey ';

html += ''; html += 'Incentive / Savings CategoryAmount';

// Upfront html += 'Upfront Incentives (at Purchase)'; html += 'Federal EV Tax Credit (IRS §30D / §25E) 0 ? '#2e7d32' : '#c62828') + ';">$' + federalCredit.toFixed(2) + ''; html += 'NJ CHARGE UP Incentive (NJDEP) 0 ? '#2e7d32' : '#888') + ';">$' + njChargeUp.toFixed(2) + ''; html += 'NJ Sales Tax Exemption (6.625%)$' + njSalesTaxSavings.toFixed(2) + ''; html += 'Total Upfront Incentives$' + totalUpfrontIncentives.toFixed(2) + '';

// Ongoing html += 'Ongoing Savings Over ' + ownershipYears + ' Year(s)'; html += 'Fuel Savings (Gas vs. Electricity)= 0 ? '#2e7d32' : '#c62828') + ';">$' + totalFuelSavings.toFixed(2) + ''; html += 'Maintenance Savings (~$0.061/mile)$' + totalMaintenanceSavings.toFixed(2) + ''; html += 'NJ EV Registration Surcharge Cost ($250/yr vs ~$84/yr ICE)−$' + totalRegistrationDiff.toFixed(2) + ''; html += 'Total Ongoing Savings= 0 ? '#2e7d32' : '#c62828') + ';">$' + totalOngoingSavings.toFixed(2) + '';

// Grand Total html += 'GRAND TOTAL ESTIMATED SAVINGS= 0 ? '#1b5e20' : '#b71c1c') + ';">$' + grandTotal.toFixed(2) + ''; html += '';

// Per-mile breakdown html += '#### Cost Per Mile Comparison '; html += ''; html += 'MetricGas VehicleElectric Vehicle'; html += 'Fuel Cost Per Mile$' + gasCostPerMile.toFixed(4) + '$' + evCostPerMile.toFixed(4) + ''; html += 'Annual Fuel Cost (' + annualMiles.toLocaleString() + ' miles)$' + annualGasCost.toFixed(2) + '$' + annualEvFuelCost.toFixed(2) + ''; html += 'Annual Fuel Savings= 0 ? '#2e7d32' : '#c62828') + ';">$' + annualFuelSavings.toFixed(2) + '/year'; html += '';

// Notes html += ''; html += 'Credit Eligibility Notes:'; html += ''; html += ''; html += ''; html += ''; html += ''; html += '';

resultDiv.style.display = 'block'; resultDiv.innerHTML = html; }

#### Formulas Used

Federal New EV Credit (§30D): BEV: $7,500 (if battery ≥ 7 kWh, MSRP within cap, AGI ≤ limit) PHEV: min($2,500 + $417 × (kWh − 5), $7,500)

Federal Used EV Credit (§25E): min(30% × Purchase Price, $4,000) — vehicle price must be ≤ $25,000

NJ CHARGE UP Incentive: min($25 × Battery kWh, $4,000) — new vehicles only, MSRP within cap

NJ Sales Tax Savings: Vehicle Price × 6.625%

Annual Fuel Savings: (Annual Miles ÷ MPG × Gas Price) − (Annual Miles ÷ EV Efficiency × Electricity Rate)

Annual Maintenance Savings: Annual Miles × $0.061/mile (DOE/Consumer Reports average ICE vs EV maintenance differential)

NJ Registration Surcharge Cost: ($250 EV surcharge − $84 avg ICE registration) × Years = $166/year additional cost

Grand Total: Federal Credit + NJ CHARGE UP + Sales Tax Savings + (Fuel Savings × Years) + (Maintenance Savings × Years) − (Registration Surcharge × Years)

#### Assumptions & References

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References

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