Darwin's Finance » Deals

Should I Use the Energy Tax Credit for a New Central Air Unit?

Darwin — Thu, 15 Apr 2010 10:24:21 +0000

Since I’m always looking to make sound investments with a favorable return on investment to optimize our family’s cash flow, I’ve been considering having a new Central Air unit installed. There’s an energy tax credit (IRS Link) that expires at the end of this year that allows for a full 30% credit on the purchase and install of an energy efficient unit (max credit is $1500). I’ve confirmed that there are no income limits on the credit, so essentially, if I spend $4000 on this project, I’ll get $1200 back next spring. There are some key considerations that are driving this assessment:

Age of Existing Unit – Our house is about 15 years old. As I’ve found with many other things in the house, the builders didn’t exactly use the top of the line suppliers for anything – from cabinetry to water heaters – to the Central Air unit. Therefore, I don’t anticipate that this unit is going to last forever. If it dies in 2 years, I’m going to have to replace it at full cost with no credit, and likely pay more to have it replaced as an emergency install if I don’t want to wait 3 weeks in 100 degree weather to pay for a routine scheduled install.

Efficiency of Existing Unit – I’ve gotta run the numbers once I get some quotes on new units, but in essence, the units being manufactured today are vastly more efficient than the generic model we have now. The industry standard for efficiency is the SEER number. The basic premise is for a higher SEER number, you’re going to pay more up front but realize lower operational costs long the way. Conversely, if you pay less up front, you won’t save as much on energy costs. My preliminary research is pointing toward a 16 SEER unit and I may replace the furnace blower as well – same reasons – age and efficiency.

Net Present Value – Using NPV (see NPV model at work) to drive financial decisions is a personal favorite of mine. Once I have some models priced out and I can make some reasonable estimates on what my annual savings will be with say, 2-3 models, I can price out whether it’s worth the purchase and what my NPV will be over various time periods. For instance, if we are staying in the house 10 years or longer, there’s no doubt in my mind the NPV will be favorable, especially considering the assumption that I’ll likely have to buy a new unit in a few years either way. However, if we move in 3 years for whatever reason and we don’t anticipate a buyer paying a premium for a “new unit” per se, we may not break even. So, that’s another key consideration.

Which Company to Use – We have a trusted electrician/plumber (jack of all trades) we’ve used before that recommended a local company. He said he’s often done work along side them or after them on installs and people are always very happy with them. I’ve done the contractor haggling thing before, but sometimes when I’ve put price over recommendations, we weren’t totally happy with the results like our patio. Therefore, may just go with the recommended company and not try the haggling thing this time around. This company typically deals with Carrier units, which rank well in the reviews I’ve read.

While spending several thousand dollars this year is never appealing, part of being a homeowner, and a financial steward at that, is to make investments that will end up costing you less in the future. I think upon confirming our plans for staying put for a few years (we sometimes debate whether we want something a little different, but with this economy and housing market, it’s probably not the best time to move), the pricing will probably make sense. I’ll be sure to come back with a detailed analysis on the annual savings and the 5-yr, 10-yr NPV for the project.

Are You Taking Advantage of The Energy Tax Credit This Year?

OptionsHouse 100 Free Trades – $2.95 from There

Darwin — Fri, 19 Mar 2010 10:53:44 +0000

OptionsHouse has a pretty crazy signup offer right now, and insane pricing thereafter. If you sign up between now and April 30, 2010, you can get 100 Free Trades by entering the code FREE100 at signup. OptionsHouse was ranked by Barron’s #1 in Trade Experience so they’re no slouch either.

The pricing is really something even after your free 100 trades anyway:

$2.95 Stock Trades
$5 for 5 Options or $8.50 + .15 per contract
$10 for 10 Spreads

Once you sign up, you can also earn $50 each time you refer a friend to them as well. Check out OptionsHouse for more details and enter FREE100 at signup.

Check Out These Interesting Financial Products and Deals

Darwin — Fri, 05 Mar 2010 12:44:08 +0000

There are some neat new sites, services and deals out there that can either boost your bottom line with minimal effort or flat out provide entertainment value with no discernible benefit. Here are a few in no particular order:

Blippy – Blippy is perhaps one of the strangest new services I’ve seen this year. I have yet to figure out what the actual value or utility is to society, but I’ve gotta admit, it’s an interesting concept and rather amusing to watch. Frankly, I’m not sure if I’m more amused by the content of the site or the fact that multiple legitimate venture capital firms are backing this garage experiment. Basically, you create a profile and publicize for the world to see every purchase you make. On one hand, this sort of voyeurism is sure to be a hit for the same population that loves reality TV and blogs that share relatively insipid yet personal details about the author that for some reason draw massive readership. Conversely, from the participant’s point of view, perhaps it’s either narcissism or a last-ditch attempt to force some sort of fiscal restraint by just putting it all out there for all to see. For instance, many studies have shown that people are more likely to lose weight if they face public shame or embarrassment by not meeting their objective once their journey is tracked by a viewing public. i.e. The Biggest Loser, someone posting a before/after body shot on their blog, etc.

Whatever the outcome of this venture, it’s worth at least looking at once to just ask, “Why?”

6-Figure Salaries – If you’re making $75,000 or more and want to at least keep tabs on what your market value is outside your current role, The Ladders is such a cool site. I signed up a while back and I get automated emails based on my preferences for region, the field I’m in, positions I’d consider, etc. I get an update weekly or so with Director of this, Project Manager of that, salaries list, locations, etc. It’s pretty neat – and it’s FREE to sign up and get the initial updates. Since so many job postings out there aren’t aligned with your actual interests or they have lousy salaries, The Ladders is great at screening just what you’re interested in (or finding out what your boss makes!).

A CD You Control? – There’s a pretty interesting new product from Ally Bank that I’ve never seen before. The Rising Rate CD is a certificate of deposit that allows you to actually increase the rate once during the term in case rates rise on the same term CD and you feel you’re missing out. Feel like a sucker locking in a low rate today so it’s just sitting in an even lower yielding savings account indefinitely? This may be the solution. If rates spike as the Fed reacts to inflationary forces, you can jump your rate up at will. Check out the Rising Rate CD details.

No Penalty CD – Ally Bank also has a No Penalty CD that combines a competitive rate with the ability to break the CD and withdraw funds without the downside of a CD penalty. More info on the No Penalty CD.

$100 Signup Bonus – at OptionsXpress. This is a top options trading outfit that of course, allows you to trade stocks as well. Given the $100 signup bonus, even if you already have an online broker you like using, it’s worth setting up this extra account for a free $100. You only need $500 to open the account so it’s a 20% ROI right off!

0% Down Mortgage? In 2010? You’re not seeing things. Under an obscure US government program that isn’t widely publicized, thousands of American families are still getting mortgages with NO money down. It’s called the USDA Farm Loan but most of the people partaking live on anything but a farm.

Why Pay High Credit Card Interest Rates with Low Rate Alternatives Out There?

Darwin — Sat, 23 Jan 2010 13:15:36 +0000

Given the current economic environment, historical spending patterns and myriad other causes, millions of Americans are faced with mounting high interest rate credit card debt each month because the rate they’re paying on existing credit card accounts is at exorbitant rates of 20%-30%.

While the most obvious alternative would be to pay down credit card debt quickly, that’s completely out of reach for many people in the near term. As such, the question is, what’s the next best way to reduce monthly payments and eventually dig out of debt? Are there low rate alternatives out there within reach? There are, but many people either don’t have the knowledge, the time or the inclination to take advantage of lower rate alternatives.

0% Interest Balance Transfer Cards

A front-runner would be a 0% Interest Balance Transfer. While this may only provide temporary relief, at least it allows one to start to dig out and pay principal for some time period rather than interest. Some top 0% interest balance transfer cards include an up-front fee which likely pales in comparison to paying double digit fees every month. For instance, a one-time fee of 3% is a steal considering one might be paying 25% annually for years.

Here are some top options:

Discover More Card

Introductory Balance Transfer APR: 0.0% for 6 months from the date of account opening for balance transfers made with your application, then the standard APR for purchases.

Introductory Period: 6 Months

Balance Transfer Fee: 3%

Annual Fee: None

__________________________________________________________

Slate from Chase

Introductory Balance Transfer APR: 0%

Introductory Period: 12 Months

Balance Transfer Fee: 3%

Annual Fee: None

__________________________________________________________

Visa Black Card

Introductory Balance Transfer APR: 0%

Introductory Period: 6 Months

Balance Transfer Fee: 3%

Annual Fee: $495

Lending Club

By acting as either a lender or borrower on Lending Club, you’re essentially taking out the middle man – all the bureaucratic overhead, marketing fees, writeoffs for other bad loans, profits to shareholders, etc. that account for the high interest rate you’re paying on that credit card. If you can no longer open a new credit card account for a zero interest transfer, Lending Club would be your next best step. Under the Prosper.com system (now somewhat defunct; Lending Club is emerging as the front-runner), I used to make loans to people at 8-12% that had previously been paying 25%-30% on their debt with conventional credit card companies. By simply taking out a loan on Lending Club, individuals can immediately drop their monthly debt costs by hundreds of dollars for very little effort. This reduction in expenses could be directed at paying off higher interest debt.

While some risk does exist for Lenders obviously, the risk to Borrowers is really only the contract they enter into which, to me, beats paying exorbitant fees – think about if your credit card company cut your interest rate in half – that would be nice, right? This is a pretty good deal if you live in a state that is able to work within the confines of Lending Club. Check out this Lending Club review for more information.

What to Avoid

Payday loans are generally not a good choice under any circumstances. While someone could conjure up a once in a lifetime scenario where it made sense to have access to immediate cash no matter what the interest rate, even over short periods of time, an annualized rate of 80% is an annualized rate of 80%. Any time you’re borrowing at rates even higher than your credit cards, you’re doing yourself a disservice.

With tax return time coming up, don’t fall for the “rebate loan” come-on either. The rates on some of these loans are in the triple digits and it’s simply to get your hands on money that you probably didn’t (or shouldn’t have) planned on anyway. It’s a positive windfall each year, don’t turn it into a high interest loan. Just wait the couple weeks for the check to arrive. If your tax preparer is pushing this, I’d question their ethics. They may very well be handsomely rewarded for each one of these that they sell given the fat margins. They are simply not good for taxpayers given the rate. Ask if they’ll do one for you at the going mortgage rate, say, 6% annualized. See what their reaction is.

How I Saved 44% on my Comcast Bill-Chat Transcript ($1104 per Year)

Darwin — Thu, 31 Dec 2009 20:46:34 +0000

The overriding theme of this post is to demonstrate that for ANY utility (Comcast Bill in my case) you pay where there is ANY competition in the area, you can likely employ some very simple techniques to achieve significant savings, leading to hundreds of dollars annually. In this case, we have a pretty intense Comcast vs. Verizon FIOS competition going on. While I had initially highlighted how I was saving $250 per year on my Comcast bill through some simple negotiations by pitting Comcast vs Verizon FIOS, I was further inspired by 20somethingfinance.com via this post to try to attain a discount via chat instead of a phone call which I had previously used.

As you can see, each negotiating experience and outcome is different. Message? It sort of depends who you get and when you try. So, if you don’t get the deal you wanted, keep trying and don’t take no for an answer. But the bottom line is that if your initial bill is say, $160 you may very well walk away paying $50 less with some minimal effort.

For ease of use, I’ve included my transcript below and highlighted in red and green the key points of the negotiation to hit on all 3 services I use – phone, internet and cable/premium channels.

Comcast Rep>Hello — ME –_, Thank you for contacting Comcast Live Chat Support. My name is Comcast Rep. Please give me one moment to review your information.
Comcast Rep>How are you doing today?
– ME –_>Great, how bout yourself?
Comcast Rep>That’s good to hear. I’m fine, thank you.
Comcast Rep>I understand that you have a problem with your bill, I apologize for the inconvenience this has caused you. I will be glad to help you resolve this concern today, — ME –.
Comcast Rep>So I can help you better with your concern, may I have your account number, please.
– ME –_>sure, -xxxxxxxx–
Comcast Rep>Thank you, Please give me a moment to pull up your account.
Comcast Rep>While waiting, please allow me to take this oppurtunity to share with you one of the main features that you can get with Comcast which is our online site, Fancast.com. It offers full television episodes, full-length feature films, trailers and video clips to both Comcast subscribers and non-subscribers.I hope you will enjoy this feature with us .
Comcast Rep>So we can assure protection to your account, would you kindly provide me the last 4 of the account holder’s SSN.
– ME –_>-xxxxxxxx-
Comcast Rep>Thank you. May I have the exact concern that you have, — ME –?
– ME –_>Sure. I’m reaching out because the 6 months is up on the prior agreed promotions and I was advised to contact again when this occurs. My bill jumped up substantially.
– ME –_>I had previously considered switching over to FIOS given the attractive offers they have now that they’ve entered our neighborhood. The past few 6 month cycles, Comcast has discounted my bill in order to retain my business.
Comcast Rep>May I know when was the promotion ended?
– ME –_>from last month’s bill, it was to end 12/28/09.
Comcast Rep>I see. Please give me a moment to check on this.
– ME –_>sure
Comcast Rep>I apologize for the inconvenience, I see here that the bill that you are viewing will from 12/29 – 01/28. Comcast actually printed the bill in advance to avoid delinquent payment. That payment that is reflected on your bill will be the regular rate after your promotion will end on 12/28/09.
– ME –_>I’m not sure I follow. My last bill was much lower. In discussing this with Comcast in the past, each 6 months, I call and have a new promotion (whatever’s available at the time) applied to the account in order to bring the price well below the “regular rate”. I was assured during prior calls that this agreement would continue to be honored into the future if I agreed to stay on as a customer. Can you check out which promotions you’re running now that you could apply to bring the total bill back in line? Thanks
Comcast Rep>Please give me a moment to check on that.
– ME –_>sure
– ME –_>hello, still checking?
Comcast Rep>Yes I am still checking.
Comcast Rep>I apologize for the delay it will take me a few more moments to complete this process.
– ME –_>ok
– ME –_>Hi, this chat’s about 30 minutes now. may i ask what the delay is?
Comcast Rep>I am sorry for the inconvenience — ME –.
** [WIN #1] Comcast Rep>I see here that your promotion will end 12/28/09. I was able to look for a promotion for your cable service only. Digital Prefered of $39.99 monthly for 6 months.
– ME –_>OK, thanks, that helps on the cable side. My DVR had been 4.95 and I had promos on internet and phone as well. Could you kindly advise on which promos you can offer there as well? Thanks
Comcast Rep>I appreciate your patience; I am still working on this for you, please give me a few more time to assist you better.
– ME –_>OK, will hold. thanks for checking
Comcast Rep>Thank you for waiting, I am sorry for the delay. I was not able to look for a DVR promotion, all of the date codes that I checked have the same amount of $15.95.
– ME –_>Well, I guess since the preferred is $10 cheaper and DVR is $10 more expensive, then that’s a wash. We still have the premium channels to deal with then. They were all at $0 last bill – HBO, Showtime, Starz. Can you keep those at zero then? If so, then cable section stays the same.
Comcast Rep>I will try to look on your account if there are HBO, SHowtime and Starz promotion available. Please give me a moment to look for a good promotion for you.
Comcast Rep>I appreciate your patience; I am still working on this for you, please give me a few more time to assist you better.
– ME –_>OK, please try to expedite. This only took 5 minutes on the phone last time. Thanks
Comcast Rep>I was able to locate free promotions for HBO, Starz and Showtime for 3 months only.
– ME –_>OK, I guess I’ll go with that then; it’s pretty close to old bill then. Onto internet, a co-worker of mine has $19.99 for 6 months. Are you able to find that one?
Comcast Rep>With the Internet promotion — ME –, I need to transfer you to the Internet department since my tools are limited to cable service only.
– ME –_>I hope you’re kidding. last time, one person did everything.
Comcast Rep>I apologize for the inconvenience however I can only change the Cable service on your account. The Internet service department will be able to help locate promotions available for you.
– ME –_>Can you confirm for me the promos that will be applied to the bill? I will need a final bill amount when everything is settled. will the interne dept be able to tally it up? I also need phone. do they do both or that’s a third transfer?
– ME –_>hello?
Comcast Rep>Internet and phone department are in one department they will be able to give you the promotions.
– ME –_>Can you confirm the cable promos we agreed on and that they are now applied to my account?
Comcast Rep>For the cable service you can have Digital Preferred promotion of $39.99 for 6 months. Free HBO, starz and Showtime. Would you like me to process and update your service right now?
– ME –_>please do, thank you. will i be transferred direct to other dept or have a queue time again? thanks
Comcast Rep>Please give me a moment to process your request.
Comcast Rep>Please allow me to transfer you to a representative who is specialized in helping you with this request. I will be giving them your information and notate the things we did so they can assist you with your concern. May I ask you to hold while I do that?
– ME –_>ok
Comcast Rep>Please wait, while the problem is escalated to another analyst
analyst Comcast Rep2 has entered room
Comcast Rep2>Just give me a quick minute or two while I review your order information at my end. Please stay online. Thank you very much!
analyst Comcast Rep has left room
– ME –_>ok
Comcast Rep2>Thank you.
Comcast Rep2>I see here you have a price discrepancy issue.
Comcast Rep2>Can you tell me about this.
– ME –_>long story short (just spent 1 hr on chat with last employee), Comcast has provided me discounted service via promos for some time now since I had agreed to stay instead of switching to FIOS which moved into neighborhood and had offers. most of my neighbors have switched but i’ve remained w comcast due to reasonable cust service and pricing discounts. each 6 months, the promos expire and i call to get new ones to keep the price down. usually i call. this time i tried chat. Comcast Rep was able to handle the cable piece. can you handle promos for internet/phone then? i have a co worker getting 19.99 internet
Comcast Rep2>I can see here in your account that you are paying $143.84 per month for your service, is this correct?
Comcast Rep2>I can give that to you as well.
Comcast Rep2>So we can assure protection to your account, I will need you to provide me with the last 4 of your account holder’s SSN.
– ME –_>no, that doesn’t sound right. last bill with all taxes, etc was $132. total cable was 48.95. total internet was 33 and total phone was 33. can you please confirm which promos you have to decrease the phone/internet? thanks
Comcast Rep2>Are you still there?
Comcast Rep2>Thank you.
[***Partial Win#2] Comcast Rep2>I can lower down the internet rate to $19.99.
ME –_>OK, great. that solves the internet. could you advise on phone?
Comcast Rep2>We can only give one promotion at the same time — ME –.
Comcast Rep2>So for now, internet i what I can give you.
Comcast Rep2>That will make your bill 4120.
– ME –_>that’s not what’s been done in the past. are you certain there’s no opportunity for multiple?
Comcast Rep2>I mean $120.
Comcast Rep2>We can’t give multiple promotions though but allow me to double check that.
– ME –_>OK, thank you.
Comcast Rep2>Not a problem.
[***Final Win#2]Comcast Rep2>Here is what I did, I was able to give the phone service at $29.99 instead of $39.99.
– ME –_>that sounds great. thank you. could you kindly confirm where each service stands and a total for me then?
Comcast Rep2>Not a problem.
Comcast Rep2>Please give me one moment.
Comcast Rep2>Your phone service $29,99, internet $19.99, cable $39.99, DVR $15.95 and EMTA rent $5.
Comcast Rep2>That will sum up to $110.92.
Comcast Rep2> I have completed your request.
– ME –_>That’s great. Thanks for all your help. Could you tell me what my monthly bill should be now w taxes, surcharges, etc so I can pay correct amount? (my old bill has old pricing). Thanks much.
Comcast Rep2>You’re very much welcome.
Comcast Rep2>I do apologize but I don’t have the final bill with me including the taxes.
Comcast Rep2>What I have is the $110.92 bill for all your services.
…

In comparing the outcome of this negotiaton, I ended up with the following deal for the next 6 months (promotions expire and need to be renewed every 6 months):

$110 pre-tax/fees for all prior services
$116 with taxes/fees included (confirmed subsequently)
Prior 6 months negotiated bill had been $134 with taxes/fees
The standard price with NO discounts was $208 with taxes/fees
The new negotiated rate represents a 44% Discount from baseline and a Further 13% discount from my already-negotiated rate during the prior 6 month period.
In Dollar Terms, ($208-$116)*12 = $1104 saved per year.

What’s beautiful about this newer lower negotiated rate (down to $116 from prior $134 which was already a substantial discount) is that it sets a new baseline for each subsequent phone call. I’d be satisfied with the same or lower deal next time, but won’t settle for another $20 up (really just back to last 6 month bill). I can just claim “I’m paying $116 now and don’t want to pay more” and force them to find enough promotions to land and $116 or lower.

Surely, some will comment that the savings seem obscenely large because of the amount of services included. We happen to watch probably 2-3 shows monthly on each of the premium channels and frankly, if we actually had to pay for them, we’d survive by dropping them. But we obviously do need phone, internet and some basic cable. I also have an HDTV and our DVR is much more efficient than watching TV live (I despise commercials), so even excluding savings for the premium channels, we still realize a sizable savings over just basic services excluding HBO, Starz, Showtime. Any way you look at it we’re saving big bucks over not doing anything and just paying the bill. The message here isn’t the details – it’s the method. You need to find the most formidable competitor and pit them against your current provider.

As you can see, the chat session took longer than my prior phone calls, but the transcript is here in all its splendor for you to duplicate. For people who have the time and can multitask during a chat session and perform better in this medium rather than verbal haggling/negotiations, chat is a viable option at your disposal. If you feel comfortably haggling live with an operator, phone seems to go more quickly.

$100 Signup Bonus at OptionsExpress Now!

Darwin — Wed, 25 Nov 2009 04:40:56 +0000

There’s an impressive campaign going on now at optionsXpress whereby you can get a $100 signup bonus by simply opening a new account with a minimum of $500 by December 31, and make a minimum of 3 trades over the course of the following 12 months.

How’s a 20% ROI over a month or so sound?

Why OptionsExpress?

Barron’s has named them Best online Broker 4 years in a Row!
SmartMoney rated highest stars for trading
Forbes Favorite Best of the Web
and more…
Pricing: Depending on your trade volume, can get stock trades for $9.95 and options for $12.95 per trade
The real draw is the tools for investors that go beyond buy and hold stock trades: Chains, The Dragon, Virtual Trade, Flex Charts, Spreads Book and more (see site for more details)
Here’s the fine print from the site which is summed up above:

*Offer is valid for one new Individual or Joint optionsXpress account opened and funded with at least $500 by US residents on or before December 31, 2011 at 11:59 CST, and having executed 3 trades within twelve months of account opening. To receive $100 bonus, account must be funded with at least $500 cash or securities transferred from a brokerage firm other than optionsXpress. The $100 bonus will be deposited into the new optionsXpress account within one month after meeting the terms and conditions of this offer. optionsXpress may charge the account for the cost of the $100 bonus should account fail to remain open with minimum funding (excluding trading losses) 6 months from the account open date. IRAs, other tax-exempt, linked, or shared accounts are not eligible to receive the $100 bonus offer. Offer is not transferable, is not valid for internal transfers, current optionsXpress accounts or with any other optionsXpress offers. All taxes related to this $100 bonus offer are the responsibility of the account owner. Limit one offer per person meeting the terms of this offer and opening a new optionsXpress account online at http://www.optionsxpress.com/new_account.asp?intcmp=lp100offer111209&promo=207. We reserve the right at our sole discretion to terminate, modify or suspend this offer at any time without notice. This is not an offer or solicitation in any jurisdiction where we are not authorized to do business.
Online trading has inherent risk due to system response and access times that may vary due to market conditions, system performance, volume and other factors. An investor should understand these and additional risks before trading. optionsXpress, Inc. makes no investment recommendations and does not provide financial, tax or legal advice. Content and tools are provided for educational and informational purposes only. Any stock, options, or futures symbols displayed are for illustrative purposes only and are not intended to portray a recommendation to buy or sell a particular security. Products and services intended for U.S. customers and may not be available or offered in other jurisdictions.
Find out for yourself at optionsXpress

Cash for Appliances Details Emerging – State by State

Darwin — Sat, 17 Oct 2009 02:08:05 +0000

Cash for Appliances, the son of Cash for Clunkers, (and now, the father of cash for caulkers) is a more widely diverse state by state stimulus program whereby consumers can enjoy rebates up to a few hundred dollars while obtaining assistance on disposal of old appliances like refrigerators in some states. The problem is, there are no federal mandated consistent offerings and each state had to submit their proposals by mid-October 2009. Since the initial cash for appliances announcement occurred (Clunkers in the Kitchen), more details have emerged on the $300 Million federally funded program. For instance, NY submitted its plan for what it has termed the “Great Appliance Swap Out” whereby New York can issue 170,000 rebates totaling $16.8 Million in February 2010. Meanwhile, Florida is scheduled for April 2010 and details have yet to emerge from many other states.

What Appliances Qualify for Cash for Appliances?

As more details emerge, more may be tacked on to the list, but at the moment, the following appliances are generally understood to be covered under the program:

Central air conditioners
Room air conditioners
Washing machines
Dishwashers
Refrigerators
Freezers
Water heaters

How to Qualify and Get Rebate for Cash for Appliances:

There are a few simple steps to ensure that your purchase meets the criteria and you will be reimbursed:

Since each state is submitting their own proposal, ensure you’re in compliance with your state’s particular plan
Most rebates will range from $50 up to $250
In order to qualify, expect to purchase an energy-star energy efficient appliance
Depending on your state, you may be able to get your rebate right in your store of purchase or you may have to download a form and submit it

Should You Participate in Cash for Appliances?

It wouldn’t be prudent to go out and purchase new appliances that you don’t need just for the sake of doing so. Some common tips to weigh your decision as to whether it makes sense for your household are the following:

How old is your current appliance?
What kind of energy savings will you realize over time?
How large is the rebate for the particular appliance?
When you factor in these various costs, perform a Net Present Value analysis and weigh whether it is a net positive when you purchase

Here are the New York details as submitted:

New York Cash for Appliances Details:

$75 rebate for refrigerators
$75 for clothes washers
$50 for freezers
$500 for a three-appliance package, which includes dishwashers as eligible appliances
Timing = 1 week in Feb 2010

Don’t Miss These Key Tax-Related Articles: