Similar in concept to “Cash for Clunkers,” the “Cash for Refrigerators” program was implemented in order to boost home appliance sales. The $300-million program is designed to strengthen the sales of appliances that have the Energy Star seal, with rebates ranging from $50 to $200. The Energy Star seal is put on high-efficiency appliances that follow the Energy Department’s guidelines.
Program details depend on the state governments, but the Energy Department has declared October 15 as the deadline for states to submit formal applications. Most of the $300 million should be awarded by the end of November.
Keep in mind, though, that unlike the “cash for clunkers” program, there is no need to trade older appliances in for the new ones.
Recession issues
Aside from the natural instinct to save up during the recession, many people are now choosing to repair their old appliances, rather than replace them.
However, the downturn in sales began in 2006, with shipments for ovens, washers, dryers and refrigerators dropping by 10% for 2008, and a steep 15% through July, according to the Association of Home Appliance Manufacturers. Among the companies seriously affected are Whirlpool, Electrolux and General Electric.
With this incentive program, people will be encouraged to buy new, energy-efficient appliances. These sales, in turn, will stimulate the home appliance industry and the economy. Hopes are high that the “cash for refrigerator” program will be as successful as the “cash for clunkers” car program.
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[...] on. Even if you receive an old fridge as a gift, start saving up for a new one immediately. The Cash for Refrigerators program can help you get [...]
Posted on January 15th, 2010 at 9:36 am