Have a business in Newark and Camden — and are looking for help purchasing a new, zero-emission medium- or heavy-duty vehicle? Applications for a New Jersey Economic Development Authority program that will help you do just that will open April 6.
The New Jersey Zero Emission Incentive Program, or NJ ZIP, is a $15 million pilot program that will fund 100 to 300 vouchers ranging in value from $25,000 to $100,000 for businesses and institutional organizations in the greater Newark and Camden areas.
EDA officials said NJ ZIP is the first initiative in the state’s holistic, Regional Greenhouse Gas Initiative-funded effort to support the deployment of zero-emission MHDVs.
(The EDA will host three informational webinars for potential applicants and vendors March 23. Register here.)
The pilot program allocates $15 million to provide vouchers to businesses and organizations purchasing new, Class 2b to Class 6 vehicles. The size of vouchers awarded through the program will vary depending on the class of vehicle being purchased, from a minimum of $25,000 for Class 2b vehicles to $100,000 for Class 6 vehicles.
Bonuses will be available for small businesses; women-, minority- and veteran-owned businesses; vehicles that are manufactured in New Jersey; small businesses that scrap their eligible MHDVs; and vendors that invest in driver education and training.
Vouchers will be available on a first-come, first-served basis, with $5 million set aside for micro and small businesses. Initially, NJ ZIP will only be available in the greater Newark and greater Camden areas, defined as the overburdened communities within or intersected by a circle with a 10-mile radius centered on Newark and Camden. More information is available here.
NJ ZIP will be funded using proceeds from New Jersey’s participation in RGGI, a multistate “cap-and-trade” program regulating carbon dioxide emissions.
The state plans to deploy those funds within four initiative categories identified in the RGGI Strategic Funding Plan: catalyzing clean, equitable transportation; promoting blue carbon in coastal habitats; enhancing forests and urban forests; and creating a New Jersey Green Fund.
More information about New Jersey’s plans for using RGGI funding is available here.