Cash for Appliances on Tap for Fall

NEW YORK (TheStreet) -- Can a new rebate program do for the home-appliance industry what "Cash for Clunkers" did, at least temporarily, for the automobile business?

This fall, the likes of Whirlpool(WHR Quote) and General Electric(GE Quote) will find out.

For a limited time, consumers can exchange their old refrigerators, dish washers and washers-dryer units for rebates on new energy-efficient models.

The Department of Energy will dole out $300 million for its newest "Cash for Appliances" program, set to begin this fall.

The program follows the success of the Department of Transportation's celebrated auto-rebate initiative, which ends today.

Under the appliances program, shoppers can expect to receive rebates worth between $50 and $200 per appliance, which must bear an energy-star seal.

Unlike "cash for clunkers," however, participants in the appliance-rebate program don't need to trade in their old machines.

Program details will vary state by state, and the Energy Department has set a deadline of Oct. 15 for states to file applications.

"These rebates will help families make the transition to more efficient appliances, making purchases that will directly stimulate the economy," Energy Secretary Steven Chu said in a statement announcing the plan.

The program offers a glimmer of hope not only for penny-pinching shoppers, but for appliance makers such as Whirlpool, who are desperate for a sales boost amid the recession.

Whirlpool has seen its sales decline 20% during the first half of the year, while General Electric debated shuttering its refrigerator plant earlier this year. It decided to keep it open but reduced its workforce.