Late this year or early next, you will be able to upgrade your home appliances, furnaces and air conditioners and receive a generous rebate for doing so. Like Cash for Clunkers, this program is being established to help both consumers and an economy which continues to struggle through a recovery period. In addition, the program will also improve our environment by offering rebates only on energy efficient appliances. Consumers can get ready to go green and stimulate the economy at the same time.

Retailers and makers of appliances, heating systems and cooling systems have been struggling over the last few years. Sales have seen double digit drops two years in a row, the worst in industry history. The government is hopeful that this program will increase sales for these retailers and appliance makers and boost the economy at the same time.

Cash for Appliances, while federal government funded, will be controlled by each individual state. Three hundred million dollars have been set aside for this stimulus program, and the money will be distributed to each state sometime near the end of November. Each state will get an allotment of money for their individual program based on their population. This will average out to about $1.00 per person.

Right now, your state is coming up with its own plan on how the rebates will work. Each individual state will determine what will qualify for a rebate and what that rebate might be. Once a plan is in place it then has to be approved before moving forward. All state plans must stipulate that rebates can only be given out for appliances that are Energy Star Sealed. The general thought, at this time, is that consumers will most likely see rebates between $50 and $200 per item.

Consumers who take advantage of this program will also benefit with lower energy bills. Energy efficient appliances are said to use up to 30% less energy than their counterparts. Over a year’s time this can add up to a significant amount of savings for homeowners and renters alike. It is the government’s hope that consumers will put that savings back into the economy.

As we near the end of the year, be on the lookout for your state’s Cash for Appliance Plan. If you are interested in taking advantage of this stimulus offering, you will want to be ready. Once the money in your state is gone- so will the rebates available to you.

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