Starting this Friday you may have the best opportunity to trade in your energy hog appliance for a new energy-efficient model. Beginning March 26, 2010 Ohio will release $10.5 million allocated through the Federal Government for a rebate program to help stimulate the economy and curb energy waste.

Rebates start at $100 for refrigerators, dishwashers and gas water heaters but climbs to $250 for electric heat pump water heaters. An energy efficient clothes washer can return $150 in rebates.

Stores are stocking up on these appliances as the surge will hit soon after the doors open on Friday. Expect the sales to align with the rebates as each retailer will position themselves with the lowest price, plus the rebate.

You can take advantage of the rebate by starting the process at home. Go to www.ohioappliancerebate.com or call (888) 686-8896 for a reservation. Complete the process by purchasing within three days, sending in a receipt, and certifying that the old appliance has been recycled.

You can receive the rebate and still take advantage of the Federal Tax Credit of up to $1,500 for doors, windows, insulation and other energy saving home improvements. Check this website for products that qualify for the tax credit. Each state is responsible for their own rebate program, separate from the Federal Tax Credit program.

But don’t wait too long, the money is limited. There have been mixed responses in other states. Georgia, for instance, has offered rebates since February 18 and still has money remaining from its $6.5 million rebate budget but Kansas depleted its rebate funds much sooner than expected.

It is anticipated that in Ohio the rebates will cover approximately 89,335 appliance purchases. Participating local stores include Sears, hhgregg, Lowe’s, Home Depot, and other retailers.

Product Rebate Amount Rebates Available*
Refrigerator $100 26,172
Dishwasher $100 20,938
High-efficiency Gas Water Heater $100 15,703
Clothes Washer $150 24,428
Electric Heat Pump Water Heater $250 2,094
* subject to change Source: Ohio Department of Development