Sales of Refund-Eligible Home Appliances Up 2.2 Times Year-on-Year
Annual Energy Savings of Approximately 111 GWh... Equivalent to About 29,600 Households Based on 4-Person Families
Minister Sung Yun-mo of the Ministry of Trade, Industry and Energy visited Electron Land in Yongsan-gu, Seoul on July 3 to check the sales status of top-efficiency home appliances. Photo by Kang Jin-hyung aymsdream@
[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy announced on the 4th that it has received refund applications for about 283.9 billion KRW for 2.17 million cases under the '2020 Top Efficiency Home Appliance Purchase Cost Refund Project,' exhausting all refund funds.
The project, which has been in effect since March 23, centers on the government refunding 10% of the purchase cost of eligible products. It was implemented to revitalize the domestic economy, which had been weakened by the novel coronavirus disease (COVID-19).
As of 5 p.m. on the day, the Ministry of Trade, Industry and Energy announced that the application acceptance was closed upon reaching the refund fund limit of about 283.9 billion KRW. For applications received afterward, preliminary application numbers will be assigned within a certain amount range.
According to a survey conducted by the Korea Energy Agency on seven major domestic home appliance manufacturers, sales of home appliances eligible for refunds increased approximately 2.2 times during the five months of the refund project (March 23 to August 22) compared to the same period last year.
The Ministry of Trade, Industry and Energy believes that this refund project contributed to stimulating domestic demand and revitalizing the manufacturing industry.
The Ministry expects that the expansion of high-efficiency home appliances will result in an annual energy saving effect of about 111 GWh. This is equivalent to the annual electricity consumption of approximately 29,600 households based on four persons per household.
An official from the Ministry stated, "This year's refund project ended early due to higher-than-expected public response," adding, "We plan to supplement policy support measures to further promote the production, consumption, and sales of high-efficiency home appliances."
For refund applications, processing status, and other inquiries, please contact the Top Efficiency website or customer center.
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