NJ Zero Emission Vehicle (ZEV) Financing

Open in new Tab NJ Zero Emission Vehicle (ZEV) Financing The Authority is temporarily pausing the submission of new applications while it evaluates currently submitted applications and program demand. The program remains subject to available funding. The NJ ZEV (Zero Emission Vehicle) Financing Program is a loan program to provide financing for commercial vehicle operators to adopt zero emission vehicles instead of typical combustion vehicles. This program complements the NJ ZIP program, a voucher program to support the adoption of medium and heavy duty zero emission vehicles, by offering financing for vehicle costs that may not be met by vouchers or other grants. Please participation in NJ ZIP is not required to obtain NJ ZEV Financing. The NJ ZEV Financing program offers fixed, low-interest rate loans—recognizing the cost premium often inherent in adopting zero emission vehicles instead of utilizing standard combustion engine options. Loans range from $50,000 to $500,000 for up to a maximum of 100% of eligible vehicle costs. The program is funded with an initial total of $25,000,000 Regional Greenhouse Gas Initiative (RGGI) proceeds allocated to NJEDA. For the first year following application launch, $15M of the total $25M program funding will be set aside for Overburdened Community Applicants. ELIGIBILITY REQUIREMENTS LOAN DETAILS COMPLIANCE REQUIREMENTS APPLICATION PROCESS FEES Borrower Eligibility: Applicants must meet the following eligibility requirements: Applicants must be either a commercial or industrial organizations registered in New Jersey Applicant must meet NJ ZEV loan underwriting criteria Applicant must be in substantial good standing with the New Jersey Department of Labor and Workforce Development (DOL) and NJ Department of Environmental Protection (DEP) to be eligible for NJ ZEV financing. A current tax clearance certificate will need to be provided prior to application approval to demonstrate the applicant is properly registered to do business in New Jersey and in substantial good standing with the NJ Division of Taxation Applicants must have existing charging/hydrogen fueling infrastructure OR provide a detailed plan to construct/contract with a charging/hydrogen fueling provider OR identify compatible public charging infrastructure  to be available for use for the vehicle(s) being financed Satisfy the Authority’s debarment/disqualification review and not be in default under any Authority program or have any outstanding obligations to the Authority Applicants are not allowed to use NJ ZEV financing to purchase vehicles directly from themselves, related or affiliated entities Eligible Vehicles Only vehicles that are also eligible for vouchers under the NJEDA’s third phase and future iterations of the NJ ZIP program are eligible for NJ ZEV Financing: learn more here . Applicant entity must seek to own the vehicles being financed and purchased (not leasing vehicles from another entity) Only new vehicles used for commercial or industrial purposes are eligible for financing Vehicle(s) must be registered (in compliance with New Jersey motor vehicle registration requirements) within eighteen months of receipt of commitment letter. Proof of such intent to purchase at time of application is required for eligibility. This will consist of a quote to the applicant from an approved program vendor for eligible vehicle(s) Eligible Vendors Eligible vehicles can only be purchased from vendors approved by the Authority to participate in Phase three and future iterations of the NJ ZIP program: learn more here Overburdened Community Applicants Overburdened Community applicants are defined as follows: The Applicant organization’s business address/headquarters (property can be owned or leased) is located within an Overburdened Community or formally designated Adjacent Community; and