Media contact: Janet C. Hart, APR, CFEE (704) 927-8617 office
CHARLOTTE, N.C.
-- Following the wildly successful Cash for Clunkers program, the federal government
recently announced the creation of a similar rebate program for consumers who
purchase new, energy-efficient appliances, nicknamed ‘Cash for Appliances’.
Details
are still being finalized, but the Better Business Bureau wants you to have
advance notice because this program’s
cash is expected to be gobbled up in a short period of time.
Plus, the Cash
for Appliances program is expected to kick off during a time when consumers are
usually strapped for cash – late December or early January. So, the BBB advises you to budget your
Christmas cash carefully. If you need a new refrigerator or a new washer and
dryer, start planning now so
you can take advantage of great savings on new appliances, plus holiday gifts
for your friends and family.
The federal
government has set aside $300 million from the stimulus package to fund the new
cash for appliances program which will be implemented by each state. States
will likely receive funding by the end of November and the Cash for Appliances program
will likely begin in December or January. Although each state can implement their
program as they choose, the likely scenario is that consumers will receive a
pre-tax savings on the purchase of new appliances up to a maximum amount per
household.
Unlike the Cash for Clunkers program
which required buyers to trade in their old car, you will not have to
trade-in your old appliances when you buy new ones under the Cash for
Appliances program.
The Cash for
Appliances program has two primary goals. The first goal is to stimulate the
economy in an industry that has seen a 15 percent drop in sales, according to
the Association of Home Appliance Manufacturers. The second goal is to increase energy
efficiency in households by replacing old appliances with “greener” ones.
According to www.energystar.gov, the
typical household spends more than $2,200 a year on energy bills but could save
over one-third or about $700 per year by making the switch to ENERGY STAR
products.
“Replacing older
appliances with more energy efficient models will help the environment and boost
the economy,” said BBB President Tom Bartholomy. “This program will also help
homeowners save money on their monthly electric bill.”
Each state will
decide which ENERGY STAR qualified appliances are eligible for a rebate. The Department
of Energy is encouraging states to focus on awarding rebates for heating and
cooling equipment, appliances and water heaters.
More information
on Cash for Appliances is available from the federal government is available at
http://www.energy.gov/recovery/
For more
information, please visit www.bbb.org or call
the BBB at (704) 927-8611 or call 1-877-317-7236
toll-free in NC and SC. ###