The New Jersey Economic Development Authority is now accepting applications for two separate programs intended to help businesses buy zero-emission commercial vehicles and reduce transportation-related pollution.

The initiatives, the third phase of the New Jersey Zero Emission Incentive Program, known as NJ ZIP, and the first phase of the New Jersey Zero Emission Vehicle Financing Program, make available more than $60 million in combined funding for medium- and heavy-duty electric vehicles.

Under NJ ZIP Phase III, the state will provide $37.5 million in vouchers to businesses and institutional organizations to offset the cost of new zero-emission trucks and buses. Voucher amounts range from $15,000 for Class 2b vehicles to $175,000 for Class 8 vehicles. Additional bonuses are available for school buses; small businesses; and businesses owned by women, minorities, and veterans.

Half of the program’s funding is reserved for small businesses located in Overburdened Communities.

The NJ ZEV Financing program, funded at $25 million, will offer low-interest loans of $50,000 to $500,000 to support the purchase of eligible zero-emission vehicles. The loans are intended to cover costs not met by NJ ZIP vouchers or other grants, though businesses may apply for financing even if they do not participate in NJ ZIP.

To qualify for either program, applicants must purchase eligible vehicles from approved vendors within 18 months of receiving a voucher approval or loan commitment letter. The list of eligible vehicles and vendors will be updated on a rolling basis, according to NJEDA.

Applications for both programs are open and will be accepted on a rolling basis.