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More "Cash for Clunkers" coming

E-mail|Link Posted by Jill Boynton October 8, 2009 10:36 AM

If you are thinking about replacing that old dryer or furnace, you might want to hold off for the moment. Now that the government has helped us get rid of our clunker cars they're turning their attention to our old appliances. As part of the economic stimulus program there is another "cash for clunkers" program coming - this one for old inefficent washing machines, refrigerators, air conditioners and other appliances.

New products with the federal Energy Star qualification are eligible - which bars cooking appliances from the program (they don't carry this rating) - but there is not much more known yet about the program. Unlike the car rebate this program will be administered individually by states, who will set their own terms such as what types of appliances are included, how much of a rebate you can earn and how to dispose of the old appliance. States have to come up with their program details by mid-October, although the federal funds will not be available until November 30th. Rebates will range from $50 to $250.

Stay tuned for more information in the coming weeks.

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Local finance professionals share insights and advice on issues such as budgeting, managing debt, and retirement planning.

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About the contributors

Jill Boynton is co-founder of Cornerstone Financial Planning in Newington, N.H. Along with traditional financial planning services, Boynton provides analysis specifically for divorce.

Andrew Chan is the founder of Integrative Financial Advisors in Framingham. He provides comprehensive financial planning advice and investment management services. He has been an adviser for over 12 years and works with clients to integrate all aspects of their finances including investments, retirement, education funding, and tax planning.

Cheryl Costa is a managing director at AFW Wealth Advisors, which has offices in Natick and Purchase, N.Y. She advises clients on investing, education funding, and estate planning. She holds a master�s in business administration from Boston University.

Jamie Downey has been an accountant for more than 14 years. He's a partner at Downey & Co. in Braintree. Prior to joining the firm, he served as a manager in the audit department of accounting firm KPMG.