The New York State utilities did the same thing in the late seventies and early eighties when oil prices were driving inflation. The programs were initiated (and monitored) at the behest of the state's politicians, its Public Service Commission and the state's Energy&Development Authority.
The program was a great success. I had a number of friends who were able to purchase a new, more energy efficient refrigerator for the kitchen while keeping the old one down in the basement to store beer.