Update1: Appliance Rebates Coming Soonby Tim Manni
(hat tip: Fundmastery)
Update1: Despite the fact that the premise behind the Cash for Clunkers (C4C) auto program has been criticized as “crackpot economics,” the strategy of replacing (and in some cases destroying) older goods with more energy-efficient products has been a hit with consumers, and several other industries are taking note (whether it’s a good or bad thing is certainly up for debate).
Earlier this month we reported that the C4C theme made it’s way to the world of old refrigerators (see original post below). Like many other products, appliance sales have suffered during the economic downturn. In a combined effort to spur sales and to create a more energy-efficient society, the Energy Department has allocated $300 million from the Federal stimulus package for states to develop their own appliance rebate initiative.
It’s expected that the rebates will range from $50 to as much as $200 per appliance. The Energy Department has given states the flexibility to determine which Energy Star appliances should be included in the program, but the Energy Department hopes states will focus on products that are used for heating and cooling such as air conditioners, water heaters and furnaces.
States had until Aug. 15 to express their interest in participating in the program, and all 50 states are on board, according to an Energy Department spokeswoman. Now, the states will receive federal money to develop their program and draft the details by Oct. 15.
(Original post, “Cash for Clunker Refrigerators,” was published 8/8/09)
Not quite ready to part with that old vehicle? How about that clunker of a fridge you have stashed out in the garage or down in the basement? The number of programs that provide consumers with cash in exchange for their old, energy-inefficient refrigerators are growing:
Programs that allow homeowners to trade in their old refrigerators and scoop up a rebate — a sort of “cash for clunkers” system for the fridge — are spreading quickly across the country.
Last week, New Jersey began a statewide program that offers residents a $30 rebate by recycling eligible refrigerators or freezers. Old refrigerators and freezers in Vermont also fetch $30, under a program begun last month.
It’s estimated that an old fridge — made before 1995 — can cost homeowners an extra $150 a year on their electrical bills because older units use about three times more electricity than the newer, more fuel-efficient models.
For more on this subject, be sure to read “Keep Your Old Fridge/Freezer & Still Save Cash.”