Government Cash for Appliances

First, it was the Cash for Clunkers Program. So successful was that program, the Federal Government has decided to follow up with the Cash for Appliances Program. American consumers will be able to apply for and receive rebates ranging from $50 to $250. The only requirement is to purchase new energy efficient appliances while trading in the old appliance.

Under the 2009 stimulus bill, some $300 million dollars has been allocated for the Cash for Appliances program. The program is offered for a limited time and will last as long as the money does. Individual states designed and will administer their respective programs. According to the U.S. Department of Energy there now total some 56 rebate plans and rules will vary per state.

Purchases must replace an existing appliance and those products bought during a specific time period as deemed by the eligibility rules of each state. Rebate amounts will vary should arrive by check or pre-paid card in four to six weeks. Some states require recycling of the appliance and may offer additional rebates. Some national store chains will take your old appliance and help with the rebate forms. All receipts, proof of purchase and recycle documents should be kept because some states require them for rebate eligibility.

Should you take advantage of this program? Check the warranty and see if the cost of repair would be at least 50 per cent more than the replacement cost. Also, be sure the newer models do actually save more energy. Some do not save, but actually cost you more. Don't forget to figure out just how old your appliance is. To figure the average life of a household product, follow these guides:

Air conditioners: 8 to 15 years

Dishwashers: 5 to 12 years

Garbage disposals: 5 to 12 years

Dryers: 8 to 12 years

Freezers: 15 to 20 years

Furnaces: 8 to 12 years

Heat pumps: 8 to 12 years

Refrigerators: 15 to 20 years

Stoves: 15 to 20 years

Washers: 8 to 12 years

Water heaters: 8 to 12 years

As with all things, take a little time to check out the rules and eligibility requirements of any rebate program. Balance your pros and cons and make a wise decision. Cash for Appliances can be a rewarding program for you.

Source: http://wallstreetjournal.com