Move over "Cash for Clunkers." There's a new green-driven stimulus project offering a bonus to New Jersey residents who buy a new energy-star rated appliance.The goal of "Cash for Appliances," a program offering financial incentives for those who buy energy-efficient household electronics, is to provide another way to stimulate the economy in an industry that has seen a 15 percent drop in sales.
So far, "Cash for Appliances" will help residents of the Garden State and is waiting on the the U.S. Department of Energy to sign off on the proposal. Once signed, the rebate plan will closely resemble the expired "Cash for Clunkers" automobile program.
When "Cash for Appliances" is in full gear, how much will you save? Anywhere from $25 to $1200 will be knocked off the price of a new Energy-Star rated appliance thanks to the state's $8.3 million dollars in federal funding. Also, the typical household could save over one-third or about $700 per year by making the switch to the energy-efficient items.
Jeanne Fox, BPU president says, "This proposal will build upon our record of success driven by New Jersey’s Clean Energy Program."
Consumers aren't the only ones thrilled. According to an article in New Jersey's Star Ledger, appliance stores such as Mrs. G TV and Appliance welcome the news as well.
Debbie Schaeffer, president of the electronics store says, "I think people are waiting, absolutely," she says."Rebates stimulate the economy and our business. We’re looking forward to them coming sooner rather than later."
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