The Cash for Clunkers program has ended with a bang.

Reports indicate that new car sales soared while the government was subsidizing them.

And, while many analysts predict that the boost will reverse in coming months, some people are looking for ways to apply the Cash for Clunkers concept to other industries.

Rebates for Buying Efficient Appliances

According to the Associated Press, part of the stimulus bill includes funds allocated for rebates for people who replace old appliances for more energy-efficient models.

Here are the details:

• The process has just begun. Your state may not have officially started its rebate program yet, but it should be doing so soon. Apparently, the federal government was expected to begin providing funding to states in the last weeks of August.
• Funding varies by state. Federal dollars provided for the program will reportedly be based on a state’s population, which means that it’s in your best interest to take action soon if you’d like a rebate.
• This is more than a one-time savings. While the initial rebate may inspire some shoppers to choose energy efficient appliances, the financial savings will extend beyond the rebate. Energy efficient models tend to cost more upfront than their traditional counterparts, but they cost less to operate – Americans using Energy Star products reportedly saved about $19 billion on electric bills in 2008.

To find out whether your state is participating in the rebate program, consider contacting a local representative or visiting your state’s Web site.

Tax Breaks for Energy Star Appliances

In addition to the rebate program, the government has put in place a variety of all-the-time tax breaks for those who purchase super-efficient household gear.

As the site points out, even if the product you choose doesn’t qualify you for a tax break, you can cut your electric bills by buying products that are slightly more efficient than what you have now – one easy switch is switching from incandescent light bulbs to the more efficient fluorescent type.

Additional Resources
Residential Energy Efficiency Incentives (PDF)

Are you way behind on paying utility bills? You may want to consider filing bankruptcy. A local bankruptcy attorney can help you determine whether bankruptcy is the right option for you.

Tags: cash for clunkers, government, green, money