A common refrigerator replacement scenarioLet’s say you replace your 20 year old refrigerator with a new Hotpoint 16.6 cubic foot refrigerator from Home Depot for $404. (They’re on sale as of 9-25-10.) Assume an 8% sales tax and delivery and installation charge of $75. That’s a total of $517. If you’re currently paying $220/year to run the fridge, then you’ll save $165/year in electricity costs to run the fridge, assuming an electricity cost of 11 cents/KHWh. That means your investment will payback in 3 years and one month. In some places, you can get a rebate from your utility for replacing your refridgerator. In Austin, TX for example, Austin Energy will give you $50 for your old refrigerator and haul it away for free. Here’s the payback with the Austin Energy rebate:
Cost of fridge: $436 (with tax)
Cost of delivery: $54 (with tax, minus $25 for hauling away the old fridge)
Austin energy rebate: -$50
Total Cost of fridge: $440
Payback period: 1 year, four months.
Here are a few ways to determine the age of your refrigerator.