NJ Zero Emission Vehicle (ZEV) Financing

This program provides commercial and industrial businesses in New Jersey with fixed, low-interest rate loans of $50,000 to $500,000 to purchase new medium- or heavy-duty zero emission vehicles, covering up to 100% of eligible vehicle costs. To qualify, your business must be registered in New Jersey, in good standing with state labor and environmental agencies, and have or plan to access charging or hydrogen fueling infrastructure; applications are currently paused while the Authority evaluates submitted applications. The first year prioritizes $15 million of the $25 million total funding for applicants in Overburdened Communities.

Approved vendors can sell medium- and heavy-duty zero emission vehicles to commercial and industrial customers through this loan program, which finances up to 100% of eligible vehicle costs in loans ranging from $50,000 to $500,000 at fixed rates tied to the US Treasury 5-year rate plus a credit spread. Your customers must provide a vendor quote at application, complete vehicle purchase and New Jersey registration within 18 months of receiving a commitment letter, and maintain ownership and active NJ registration for three years while operating at least 75% of annual miles within the state. Applications are currently paused pending Authority evaluation.

NJ ZEV is a $25 million RGGI-funded loan program administered by NJEDA offering 5-year fixed-rate financing (base rate of half the US Treasury 5-year rate plus risk-based credit spread) for medium- and heavy-duty zero emission vehicles purchased by commercial and industrial entities. The program prioritizes Overburdened Community applicants with $15 million reserved for the first year; borrowers must maintain vehicle ownership and NJ registration, operate 75% of annual vehicle miles in-state, and report telematics data for three years post-delivery. Applications operate on a rolling basis with a $250 application fee and $250 commitment fee, with borrowers limited to one new loan per entity per calendar year.