Ministry of Trade, Industry and Energy Secures 150 Billion KRW Bonus for Top Efficiency Rebate Program

1st Supplementary Budget 150 Billion + 3rd Supplementary Budget 150 Billion
Clothes Dryers Added... Competition Among Samsung, LG, etc.

The Top Efficiency Home Appliance Rebate Program is a key project that the Ministry of Trade, Industry and Energy is focusing on so much that the minister personally promotes it. The photo shows Minister Sung Yun-mo of the Ministry of Trade, Industry and Energy visiting Electronic Land in Yongsan-gu, Seoul on the 3rd to check the sales status of top efficiency home appliances. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy has succeeded in securing an additional supplementary budget of 150 billion KRW for the Top Efficiency Rebate Program, the biggest hit product of the year. They plan to continue the program's success by adding clothes dryers, which compete among Samsung, LG, and others, to the list of eligible items.

The ministry announced on the 3rd at around 11 p.m. that it would receive an additional 150 billion KRW through the third supplementary budget.

The program received this supplementary budget under the pretext of revitalizing the domestic market, which was depressed due to the COVID-19 pandemic.

Implemented since March 23, the program refunds 10% of the purchase price, up to 300,000 KRW per person, when buying the most energy-efficient home appliances.

Although the National Assembly cut 300 billion KRW from the total 600 billion KRW requested by the ministry this year (300 billion KRW in the first supplementary budget + 300 billion KRW in the third supplementary budget), the program has been well received by companies.

Notably, after the third supplementary budget, the ministry added clothes dryers to the list of supported items.

The clothes dryer market is a fiercely competitive arena where Samsung Electronics, LG Electronics, and others release products that have received the highest energy efficiency grade (Grade 1) from the Korea Energy Agency.

The ministry expects that with the passage of the third supplementary budget bill through the National Assembly, the increased support scale and expanded eligible items will contribute to revitalizing the domestic market and manufacturing industry.

The energy-saving effect is also certain. It emphasized that the spread of high-efficiency home appliances is expected to save about 120 GWh of energy annually.

This amount is equivalent to the annual electricity consumption of approximately 32,000 households based on a family of four.

By item, the energy savings per unit are as follows: water purifiers 151 kWh, air conditioners 137 kWh, clothes dryers 116 kWh, refrigerators 63 kWh, air purifiers 57 kWh, TVs 48 kWh, kimchi refrigerators 36 kWh, electric rice cookers 28 kWh, and dehumidifiers 43 kWh.

The ministry explained that clothes dryers added through the third supplementary budget will be eligible for rebates for products purchased from the 6th of this month until December 31 (based on the purchase date).

The existing 10 items will continue to be eligible for rebates for products purchased from March 23 to December 31 as before.

If the program's fund of 300 billion KRW is exhausted, the program may end early before the end of the year. If early exhaustion is expected, a prior notice will be posted on the Top Efficiency website.

Applicants can apply through the Top Efficiency website or mobile application (app) by submitting the efficiency grade label, manufacturer’s serial number plate, transaction statement, and receipt for products purchased at online or offline stores.

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