Is 'Cash for Kitchen Clunkers' Environmentally Sustainable?

If you missed out on cashing in on that clunker in your driveway, now is your chance to cash in on that clunker in your kitchen. The question is, will the program be ultimately worthwhile for our environment and your wallet?

In July, U.S. Department of Energy Secretary Steven Chu announced that nearly $300 million in federal funding was available for the "Cash for Kitchen Clunkers" program. The program will launch this October.

"Cash for Kitchen Clunkers," as opposed to the auto rebate program, will be run by the states, which will set their own guidelines. Appliances eligible for rebates include: central air conditioners, heat pumps (air source and geothermal), boilers, furnaces (oil and gas), room air conditioners, clothes washers, dishwashers, freezers, refrigerators, and water heaters.

The question is now, will states handle the disposal of appliances properly? Or will the program be criticized as the auto program was for junking working used cars? Perhaps putting states in charge is a good start as many already have strong refrigerator recycling programs in place.

What do you think? Will you participate in the program? Will the program not only help our bank accounts, but also our environment?