'Cash for Appliances' program sweeps the nation

Move over "Cash for Clunkers." There's a new green-driven stimulus project offering a bonus to consumers nationally who buy a new energy-star rated appliance.

The goal of "Cash for Appliances" rebate program is to amp up homes by making them more energy efficient while stimulating the economy. The nationwide program (run state by state) comes at a juncture when the industry has seen a 15 percent drop in sales.

Steven Chu, Department of Energy Secretary says, "Appliances consume a huge amount of our electricity, so there's enormous potential to both save energy and save families money every month. These rebates will help families make the transition to more efficient purchases that will directly stimulate the economy and create jobs."

The program will be managed on the state level, meaning that each state is free to determine their own rebate amount and the specific Energy Star appliances chosen to be part of the program.

How much money can one expect? All states will set their own rebate amounts which add up to their share of the $300 million federal money allotted for the program. However, expect somewhere between $50 to $200 for each appliance, according to an About.com article.

What type of appliances count? The greatest saving potential comes from water heaters, household appliances, and heating and cooling equipment. Other Energy Star appliances may also include a rebate, depending on your state. These include heat pumps, air conditioners, clothing washers and dryers, refrigerators, boilers and furnaces (oil and gas).

Click here for the lowdown and here for a state-by-state breakdown outline the "Cash for Appliances" program.