By Alicia Lanier, REALTOR
Needing a little financial help to finally replace that old refrigerator that seems to always be running noisily – and, more importantly, running up your electricity bill? Coming in late fall is the home appliance sequel to the auto industry’s “cash for clunkers” program.
Part of the broader economic stimulus program passed by Congress earlier in the year, this new program authorizes rebates of $50 to $200 for purchases of high-efficiency household appliances.
“These rebates will help families make the transition to more efficient appliances, making purchases that will directly stimulate the economy,” Energy Secretary Steven Chu said in a statement announcing the plan. Only appliances covered by the Energy Star seal will qualify. In 2008, about 55% of newly produced major household appliances met those standards, which are set by the Energy Dept. and Environmental Protection Agency.
Program details will vary by state, and the Energy Dept. has set a deadline of Oct. 15 for states to file formal applications. The Energy Dept. expects the bulk of the $300 million to be awarded by the end of November. Unlike the clunkers auto program, consumers won’t have to trade in their old appliances.
TIP: Another economic stimulus program – the maximum $8,000 tax credit for first time homebuyers - will expire the end of November, 2009. If you are a first-time homebuyer or haven’t owned a home in three years, call me for details about how this program can benefit you: 408-491-1634.
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