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?