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Monday, August 24, 2009

Latest in Stimulus: 'Cash for Refrigerators'

It's almost too incredible to believe. But since Congress is involved we know that nothing is too far fetched. Here's an idea, let's borrow money from the Chinese government so we can give rebates to Americans who buy electronic products made in China. And just to make it fun let's have each state come up with its own rules for what people can and can't buy.
By Matthew Boyle
Mon Aug 24, 8:08 am ET

A $300 million cash-for-clunkers-type federal program to boost sales of energy-efficient home appliances provides a glimmer of hope for beleaguered makers of washing machines and dishwashers, but it's probably not enough to lift companies such as Whirlpool and Electrolux out of the worst down cycle in the sector's history.

Beginning late this fall, the program authorizes rebates of $50 to $200 for purchases of high-efficiency household appliances. The money is part of the broader economic stimulus bill passed earlier this year. 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.)


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