If you are in the market for new household appliances, you may want to hold out for the latest $300 million dollar stimulus package, “Cash for Refrigerators.” This federal program is giving consumers rebates for the purchase of high-efficiency appliances such as refrigerators, washing machines, dishwashers, etc.

Cash for Refrigerators is part of the broader $700 billion economic stimulus bill passed earlier this year. It’s similar to the recent popular “Cash for Clunkers” federal program, the only difference is this program does not require you to trade in your old appliances.

Cash for Refrigerators should be taking effect later this year and authorizes rebates of $50 to $200 with the purchase of high-efficiency household appliances. The Arizona Energy Office has been designated to administer the program, and will be in charge of giving away $6.2 million to Arizona consumers.

Only appliances covered by the Energy Star seal and meet energy-efficiency standards set by the Environmental Protection Agency and Department of Energy will qualify. Details on how the rebates will be paid out and exactly what appliances will be eligible have not yet been decided.

The home appliance industry has had a significant decline in sales that began when the housing market also started its downward trend in 2006. Leading appliance companies have seen huge drops in sales, as much as 40% this year. Many have had to lay off hundreds of workers, so they welcome the program, hoping it will revive the struggling home appliance industry while saving energy at the same time. Experts say that $300 million in rebates could generate 5 to 10 times that amount in sales, which could make a significant impact.

The Cash for Refrigerators program will vary from state to state and details are still being worked out. The federal government has given state governments a due date of Oct. 15 to send their plans to Washington.

Karen Myers is the Marketing Specialist for Arizona Central Credit Union, where she has worked since July 2008. She moved to Phoenix from Boulder, Colorado last year.