Can you Cash in on Cash for Refrigerators?
Feeling a little bit left out on the whole ‘Cash for Clunkers’ program? Well, you may soon have your chance to get in on the tax credit sweepstakes game through a proposed government rebate incentive program that will likely begin this fall. The program will be similar to Clunkers in that it is simultaneously meant to stimulate a slumping industry (household appliances) while reducing our country’s dependence on energy.
The program has already been dubbed ‘Cash for Refrigerators’ after the success of the ‘Clunkers’ moniker. $300 million has been allocated to this program, and if you’ve been in the market for a new appliance, you will now have more incentive to buy an energy efficient version.
Cash for Refrigerators Details
Apparently, each state will be modifying details of the program since many states already have tax credits for the purchase of energy efficient appliances. Here are some of the general Cash for Refrigerator guidelines that we can expect:
- Not just for refrigerators – it will also include dishwashers, washers, dryers, and other major household appliances (a complete list has not been circulated).
- Will start in the next month and end in November.
- Appliance must be ‘Energy Star’ approved.
- Rebates start at $50 and go up to $200.
- You do not need to trade in your previous appliance.
On that last point, if the retailer you buy your new appliance from is willing to take away your appliance for free, then be thankful. You can also donate working appliances to local charities, such as the Salvation Army or Goodwill (but you usually have to lug it out to the curb as they will not take it otherwise). Check with your local charity for more details. Another option would be to give away the old appliance through Freecycle or Craigslist.
Personal Thoughts on Cash for Refrigerators
I am a fan of Cash for Refrigerators in that it is helping to push energy efficiency, but disappointed that the program does not require the older model to be turned in. Granted, unlike ‘Clunkers’, there is no way to prove that you had owned and been using whatever piece of crap appliance you’d be turning in, but it would still guarantee that those energy hogging appliances were removed from the circuit. Otherwise, what is stopping people from moving the old hog down to the basement or into the garage? Although, I must say, Kegerator modifications are wholly endorsed.
Cash for Refrigerators Discussion:
- Did you take advantage of Cash for Clunkers?
- Would you buy a new appliance to get a rebate from the Cash for Refrigerators program?
- Are your appliances Energy Star approved?
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I didn’t trade in my car for clunkers because it was worth more than the tax credit. I do like this incentive b/c just about everyone has an appliance or two that are about to crap out. For me, it will be a dishwasher.
They don’t take your fridge away? That’s disappointing….
I’m curious if the cash for clunker program distributed a lot of US Tax dollars overseas. I had a neighbor who traded in his ford bronco for a Mazda. He received a $4,500 tax credit that somehow he used as a downpayment for the mazda.
Others purchased a ‘beater’ car for $200 and used it to receive the $4500 on a new car purchase.
Am I the only one not taking advantage of all these programs? I can go along with the cars, but wow it has to end sometime. We have to pay for this stuff in the end.
@ Will – good point.
@ Brian – yes, Cash for Clunkers could be used towards foreign vehicles. To your other point, as far as I knew you had to have owned the vehicle for one full year before being able to trade it in for the credit (so you couldn’t just go out and get a beater for $200 and cash it in for $4,500).
I was reading some of the Governors letters for these rebate at CashForFridges.com I think it’s a good idea, but I’m worried about the spending budgets.
Who gave the government the right to use my tax money to buy someone else a car?!?! WTF?! Buy your own freaking car, and give me back my tax money to spend on what I need.
I am all for saving energy. I can understand replacing a broken refrigerator, but not only to “go green” and use our tax dollars for it is out of the question.
Brian, first of all you cant just just buy a 200$ car and use that for the trade it, it was required you owned the car for at least 2 years.
I agree Ryan, give us our tax money back. GM caused its own problems with over sized cars, and 50,000 high school drop out employees that make more money than most attorneys.
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