With Cash for Clunkers running out of money long before expected, attention is now turned to the next stimulus money grab dubbed ?Cash for Appliances?. Despite being announced back in July, the Cash for Appliances program is now gaining attention in the press. According to the DOE press release dated July 14, nearly $300 million in funding from the American Recovery and Reinvestment Act will soon be released to states to run rebate programs for consumers wishing to replace their appliances with newer, more energy efficient models bearing the Energy Star logo. The money for this new Cash for Appliances program is to be divvied up by state, based on population.
Top 5 states set to receive the most funding from Cash for Appliances program
Not surprisingly, because the Cash for Appliances funds are to be given out based upon population, California is expected to reap approximately $35 Million to fund their rebate program. California has been plagued, almost Biblically, with financial difficulties ranging from the state offering IOUs in lieu of tax refunds, an astronomical foreclosure rate and budget shortfalls galore. Associated Content?s Sylvia Cochran has had her fingers firmly on the pulse of California?s money problems for months now, actively reporting on these very issues. Still, is $35 Million dollars worth of new appliances going to give California that extra boost to recovery considering that it is ranked Number 2 in foreclosures by Realty Trac in foreclosures, and has been for the past few months. Incidentally, California has the 5th highest unemployment rate in the nation.
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