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  • Thumbnail for The implicit cost of carbon under Cash for Clunkers and appliance rebate programs
    The implicit cost of carbon under Cash for Clunkers and appliance rebate programs by Hamso, Borge

    Cash-for-clunkers was a program designed to stimulate the economy and reduce greenhouse gas emissions. Now, the government is initiating a new plan that will provide rebates for household appliances. This research presents estimates of the cost of reducing Carbon Dioxide under Cash-for-clunkers and similar programs for both clothes washers and refrigerators. The estimates suggest that these rebate programs are an expensive way to reduce CO2 emissions. With an average rebate of $4215, baseline scenarios indicate that Cash-for-clunkers costs $370.26 for a one metric ton reduction in CO2, and $414.62 per ton when the scenario includes the incentive to drive more that accompanies owning a more fuel efficient vehicle. The baseline scenarios for refrigerators resulted in a lower cost of $302.03 per metric ton of CO2, while clothes washers were more expensive with a price of $734.68 per metric ton of CO2.