Cash for Caulkers not just for Cold Climates
President Obama has proposed a new program Tuesday that would reimburse homeowners for energy-efficient appliances and insulation, part of a broader plan to stimulate the economy. Steve Nadel, director at the American Council for an Energy-Efficient Economy, who's advising on the bill, said a homeowner could receive up to $12,000 in rebates under the administration plan, which still has to become legislation and pass Congress. He is hoping big items like heating systems, washers/dryers, refrigerators, windows, and insulation would be covered.
The proposal is part of the President's larger spending plan, which also includes money for small businesses, renewable energy manufacturing, and infrastructure. We know energy efficiency "creates jobs, saves money for families, and reduces the pollution that threatens our environment," Obama said. "With additional resources, in areas like advanced manufacturing of wind turbines and solar panels, for instance, we can help turn good ideas into good private-sector jobs."
The plan would be in two parts: money for homeowner efficiency projects, and money for companies in the renewable energy and efficiency space. Based on earlier bills, consumers might be eligible for a 50% rebate on both the price of the equipment and the installation, up to $12,000, said Nadel. So far, there is no income restriction on who is eligible. That would mean a household could spend as much as $24,000 on upgrades and get half back. Homes that take full advantage of the program could see their energy bills drop as much as 20%, he said. The program is expected to cost in the $10 billion range.
If you have an opinion about this legislation, contact your senator or representative. A bill on energy efficiency reimbursements already has supporters in the Senate.
Sherry Armstrong, Realtor