Cash For Your Appliance Clunkers

Cash for car clunkers may be over, but hold on to your hats! Appliance clunkers are about to get a program of their own. The idea is the same: saving energy, updating infrastructure, and providing a tax incentive to people to spur spending in the US economy. In one of the few positives about the economic situation, this program will provide a way for struggling homeowners to get some benefit out of the stimulus plan, by allowing them to upgrade appliances while subsidized by the Federal government. The appliances that will qualify include aging refrigerators, washing machines, dishwashers, and more. The actual make and models that you can replace them with will be issued by each state that implements the program.

Cash In While It’s Hot

It isn’t just homeowners who are going to have a temporary windfall, you can expect certain appliance and department stores to benefit from this new legislation that is due to be approved later this year. You can expect that people holding stocks in Whirlpool, Sears, and even Home Depot might see an improvement on the value of those stocks too. This is welcome news to appliance distributors, who have suffered a decline in sales of 14% in 2009 compared to the same period last year.

The average homeowner, though, will be able to cash in for about $50 to $200 on any the purchase of a high-efficiency appliance, which the states will specify. While it’s not officially on the books yet, if you’re going to make an appliance purchase anyway, it’s a good bet you’re better off waiting until the end of this year. You’ll be able to buy a newer model for less through this incentive program. The program is limited to $300 million and with large demand expected, the sooner you take them up on this offer, the more chance you won’t miss it.