From the 23rd, Get 10% Rebate When Buying Highest Energy Efficiency Appliances... "Expecting Domestic Consumption Boost"

TV, Washing Machines, Electric Rice Cookers, and 10 Other Items Subject to Energy Efficiency Labeling
Ministry of Industry Allocates 150 Billion Won Budget for This Year's Project

The photo shows Samsung's top-efficiency home appliances. (Image courtesy of Samsung Electronics)

[Asia Economy Reporter Moon Chaeseok] Starting from the 23rd, the government will refund 10% of the purchase price, up to 300,000 KRW per person, when buying energy-efficient home appliances. This is to revive consumer sentiment worsened by the novel coronavirus disease (COVID-19).

On the 18th, the Ministry of Trade, Industry and Energy announced plans to implement the "Top Efficiency Home Appliance Purchase Cost Refund Program" for all citizens starting from the 23rd, containing these details.

The ministry allocated a budget of 150 billion KRW for this year's program. This amount is about five times the 30 billion KRW allocated last year, as a measure to boost the sluggish domestic economy due to COVID-19.

The number of eligible items has increased, and the refund limit per person has been raised. In the related program conducted from November to December 12 last year, the per-person limit was 200,000 KRW, but this time it has been raised to 300,000 KRW.

Last year, only seven items such as air conditioners and refrigerators were covered, but this time, 10 items including TVs, washing machines, and vacuum cleaners will be supported.

The ministry explained that consumers can receive a refund of up to 10% when purchasing the highest efficiency grade products available in the market among the eligible items (with a limit of 300,000 KRW per person).

Products purchased between the 23rd and December 31st, based on the purchase date, are eligible for the refund support.

Consumers must prepare the efficiency grade label and manufacturer number plate of the eligible product purchased through online or offline stores during this period, transaction details, and receipts, and apply for the refund through the online website.

However, if the 150 billion KRW budget for this year is exhausted early, the support will end.

An official from the ministry stated, "This program will contribute to revitalizing domestic consumption, which has been depressed due to COVID-19, and help quickly overcome the difficulties of our economy," adding, "The expansion of high-efficiency home appliances is expected to achieve an additional annual energy saving effect of about 60 GWh."

The 60 GWh annually mentioned by the ministry corresponds to the annual electricity consumption of approximately 16,000 households (based on four persons per household).

The expected annual power savings per unit by item are: air purifier 57 kWh, kimchi refrigerator 36 kWh, electric rice cooker 28 kWh, dehumidifier 43 kWh, water purifier 151 kWh, air conditioner 137 kWh, electric refrigerator 63 kWh, TV 48 kWh, etc.

This content was produced with the assistance of AI translation services.