The cost of owning an electric car just went up in New Jersey

TRENTON — A few days ago, New Jersey electric vehicle owners started to feel some effects of state budget concerns, according to E&E News by Politico. They cite the financial woes are far from over since they are “compounded by the erosion of gas tax revenues.”

As of July 1, EV owners now have to pay a yearly registration fee beginning at $250, which will then increase $10 per year. In July 2028, it will finish off at $290, according to the Governor’s Office.

This money will then support various transportation infrastructure efforts and projects made possible through the Transportation Trust Fund, which was most recently reauthorized in March by Gov. Phil Murphy. You can read more about the fund here.

The governor’s office mentions the fund has been around since 1984 and has been reauthorized a number of times. The gas tax and the sales tax traditionally help the fund, according to New Jersey Monitor.

With the help of the fee now in place, the outlet mentions the Office of Legislative Services believes this could amount to over $61 million in the latest fiscal year. Come fiscal year 2029, the office projects this number to amount to over $207 million.

Advocates against the uptick, as mentioned by New Jersey Monitor, say it’s a measure that will make EV options less obtainable for the average consumer.

By 2030, the Garden State will stop its sale of gasoline-dependent vehicles, according to the Associated Press.