By Renee DeFranco

Many traded in their “clunkers” for new fuel-efficient vehicles in 2009. As we move into 2010, the popularity of green appliances is heating up.

That’s thanks to a newly launched federal appliance rebate program, modeled after the popular Cash for Clunkers incentive. We provided a sneak peek back in August, and now the deal has officially begun. Consumers can receive cash for swapping their older clothes washers, refrigerators and other appliances for energy-efficient models that qualify for the “Energy Star” designation.

How does the program work? Guidelines and rebate amounts vary by state. California residents, for example, can get $100 rebates for washing machines, $75 for refrigerators and $50 for room air conditioners. To see how your state stacks up, check out the program information currently available on the federal web site.

If you’re in the market for new home-appliance upgrades, now may be the time to cash in. But first, there are some finer points to consider. For instance, will you save enough in water and energy bills over time to justify splurging on a new product? (The older the appliance, the greater possibility of saving money by buying a new one, suggests this Associated Press article.) Also, just because you’re getting a federal rebate, be sure you shop around to find the absolute best deal.

Still interested?

Then it’s helpful to act sooner, rather than later. That’s because the federal appliance rebate program received only $300 million, which is one-tenth of what the Cash for Clunkers incentive garnered and about $1 per U.S. resident. The program is expected to end by February 2012 or when the money runs out — whichever happens first. We saw what reached the finish line first in Cash for Clunkers… government funding.

Do you plan to take advantage of the federal appliance rebates? Do you have energy-efficient appliances in your home, and do you think they were worth the investment? Share your thoughts here. <——– click the link to respond to Renee DeFranco

— The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.