NJ Zero Emission Vehicle (ZEV) Financing

August 08, 2025

Summary

***NOTE: NJ ZEV was approved by the NJEDA Board on Feb 12, 2025. Applications will open following approval of eligible vendors and vehicles.

The NJ ZEV (Zero Emission Vehicle) Financing Program is a loan program to provide financing for commercial vehicle operators (industrial or commercial sector) to adopt medium- and heavy-duty zero emission vehicles instead of typical combustion vehicles. The NJ ZEV Financing program offers fixed, low-interest rate loans. Loans range from $50,000 to $500,000 for up to a maximum of 100% of eligible vehicle costs.

Among other eligibility requirements, applicants must have existing charging/hydrogen fueling infrastructure, 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

For the first year following application launch, $15M of the total $25M program funding will be set aside for Overburdened Community Applicants.

Program Overview

Implementing Sector:	State
Category:	Financial Incentive
State:	New Jersey
Incentive Type:	Loan Program
Web Site:	https://www.njeda.gov/njzevfinancing/
Administrator:	New Jersey Economic Development Authority (NJEDA)
Start Date:
Eligible Renewable/Other Technologies:	Medium-Duty Electric Vehicles Heavy-Duty Electric Vehicles
Maximum Loan:	$500,000
Loan Term:	5-years (60 months), beginning upon submission of proof of purchase, delivery, and registration of the financed vehicle.
Interest Rate:	Fixed interest rate for duration of loan term. Base Rate of 1/2 the US Treasury 5-year Rate + An additional risk-based credit spread determined at time of application approval

Contact

Name:	New Jersey Economic Development Authority
Organization:	New Jersey Economic Development Authority
Address:	PO Box 990, 36 West State Street Trenton NJ 08625-0990
Phone:	(844) 965-1125
Email:	njzevfinancing@njeda.gov

This information is sourced from DSIRE; the most comprehensive source of information on incentives and policies that support renewables and energy efficiency in the United States. Established in 1995, DSIRE is operated by the N.C. Clean Energy Technology Center at N.C. State University.