Report Concludes EV Mandate Is a High-Cost Boondoggle That Will Wreck The Economy, Harm the Poor, and Have No Impact on Climate
Trenton, NJ – Affordable Energy for New Jersey today released a new white paper taking a deep dive into the overwhelming burden that plans by the Murphy Administration to mandate a shift to electric vehicles by 2035 would place on residents.
Prepared by Dr. Jonathan A. Lesser, President of Continental Economics, Inc, the paper examined the impact of S2252, which requires a total of 330,000 electric vehicles (EVs) to be on New Jersey roads by 2025 and two million by 2035. The report breaks down the numerous new high costs associated with the EV mandate including:
- Increased vehicle subsidies to artificially spur EV adoption.
- Lost sales tax revenues from EV purchases.
- Lost gas tax revenues to fund infrastructure that all vehicles utilize.
- Increased subsidies required to build out the necessary charging infrastructure.
- New subsidies for residential and commercial charging stations.
- Loss of highway tolls due to EV discounts.
- Costs to upgrade the electrical system to support all these changes.
- Costs to upgrade to electric busses for NJ Transit.
“This white paper debunks the flawed thinking that Electric Vehicles are a ‘big win’ for New Jersey consumers and businesses, which will save them billions of dollars,” said Ron Morano, Executive Director of Affordable Energy For New Jersey. “That $70 billion will come in the form of new taxes that will be borne primarily by low income residents and small businesses, who can least afford them.”