NEW YORK'S GREAT APPLIANCE SWAP-OUT
In February 2010, New York State residents can participate in the Great Appliance Swap-Out, a program designed to provide a boost to New York's economy while providing an incentive for consumers to reduce their energy consumption. Under the program, residents will be able to receive a cash rebate for replacing older appliance(s) with a new ENERGY STAR®-qualified appliance. This program, funded through the American Recovery and Reinvestment Act (ARRA), will also provide added incentives for consumers who recycle their old appliances to help reduce the impact on landfills.
Under New York State's proposed plan, consumers can receive rebates for purchasing eligible appliances individually or in a bundle of three specific appliances. Only appliances with an ENERGY STAR® label denoting higher efficiency are eligible for a rebate. Consumers may receive a larger rebate by purchasing three eligible appliances that meet standards issued by the Consortium of Energy Efficiency (CEE) that are higher than ENERGY STAR standards.
As proposed, customers purchasing appliances would qualify for a rebate of $75 ($105 with documented recycling) for ENERGY STAR qualified refrigerators, $75 ($100 with documented recycling) for clothes washers and $50 ($75 with documented recycling) for freezers. Rebates are available for dishwashers when they are purchased as part of a three-appliance package (refrigerator, dishwasher, clothes washer), which may qualify for a $500 rebate ($555 with documented recycling).
Refer to http://www.nyserda.org/economicrecovery/appliance.asp for more information on this program.
We covered the Cash for Appliance Program in our January Retirement Advisor Newsletter. To learn how to subscribe to The Retirement Advisor Newsletter, visit our web site where you can download a free issue with instructions on how to subscribe. Subscribers are able to obtain all of our back issues at no extra cost.
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