Upgrade and Save With Cash For Appliances Program

If you’ve been hearing funny noises coming from your refrigerator, or you’re wondering how to reduce the energy consumption of your household, the federal government is going to make your life easier next year. Many states, in conjunction with a federal cash for appliances program, are offering rebates on energy efficient models of household systems like air conditioners, refrigerators, and clothes washers, and more. In addition, each state has other types of incentives, like utility and appliance discounts and rebates, that can be stacked together to provide an even bigger incentive to get rid of your old appliances now. The rebates will vary with each state, but all do require you to purchase an Energy Star model, which indicates that the appliance you are buying meets federal guidelines for energy efficiency. Even if you’re short of cash to front the payment for a new appliance, you can opt to borrow knowing that you will get that money back shortly from the program. A paycheck advance would work well if you can cover the the cost of appliance, and then repay the loan in the next paycheck cycle. This way, you don’t miss the opportunity to purchase these appliances while the rebate program is running.

How The Program Differs From Cash For Clunkers

Don’t confuse the cash for appliance program with the recently completed “Cash for Clunkers” program. These are two separate programs, and they have important differences. Unlike the “Cash for Clunkers” program, the cash for appliances rebates are up to each state as to how they’ll be administered and run. If you live in California, for instance, you might get rebates between $50 and $100 on only air conditioners, refrigerators, and washers. In other states, they might expand the list of eligible appliances to include water heaters or freezers. Some rebates will come with additional state incentives, but it will be up to you to find out more about those, and they may not be advertised with each appliance vendor. You won’t have to trade in your old appliance, like you had to trade in your old car for “Cash for Clunkers.” Instead, you just have to purchase the new model within the set time period set by each state, which can vary. You, the consumer, will have to figure out after that how to dispose of your old appliances.

New York, for instance, is planning on rolling out a cash for appliance program in February. Florida is waiting until April, to offer rebates to their citizens. Some rebates are limited to a dollar value, and others, like Florida, will be given as a percentage of the total cost of the system. To get more information on what each state is offering, check out your state’s energy department online.

Get Even More Savings

Not everyone will be able to take advantage of these programs, for various reasons. The federal incentives may run out before everyone gets their new appliance and the program ends prematurely, just like Cash for Clunkers. If you don’t get in on the action quickly, it’s possible you’ll lose the window of opportunity that this program provides. If you do get a rebate, you can expect that there will be a large secondary market for used appliances and that people who want those will be willing to buy them and move them off your property for a small sum of money. As long as they are in working condition, there’s no reason you can’t get a little more savings by selling the old appliance at a discount to someone else who would consider it an upgrade too.