Whether or not you own a home, you can take advantage of the federal government’s programs to stimulate the economy and promote energy efficiency. There are great incentives for buying an energy efficient home, or doing the additional work to make it energy efficient and save you money over the years. But the most immediate benefit that will affect homeowners and tenants alike is the new “cash for clunker appliances” rebate scheduled to take place this spring.
You can find out about the rebates for your state here on the Department of Energy website. Different amounts are budgeted per state; it looks like it is based on population. You’ll get rebates for new appliances that have an energy efficient rating, and your rebate will increase if you can prove that you have recycled an older appliance. Click on your state on the website map to find out about how the program will work where you live. Programs for Iowa, Kansas, and Minnesota were very short and are closed.
On the DOE website, you’ll also get information about mortgage incentives for energy efficient homes. This can help if you are buying a home, as it can affect your borrowing power, and possibly you can get the financing for energy improvements rolled into your mortgage. It’s a cost effective way of getting the most for your money. You will also find information about tax credits for appliances too.
Look to see the appliance sales starting soon, to take advantage of these programs. Home Depot and Sears already has 10% rebates advertised, and I am sure you will see these ongoing. Lowes has an entire section of their website devoted to government rebates on appliances, and energy efficient improvements that meet incentives offered by local energy companies.
If you were thinking of buying a new major appliance, now is a good time. Take full advantage of this opportunity to upgrade – save money now and in the long run.