A bill, known casually as Cash for Caulkers, passed the House last month and now awaits Senate consideration.
The Home Star Energy Retrofit Act of 2010 would provide rebates to homeowners who improve their homes’ energy efficiency with things like better insulation, efficient heating systems and energy-saving windows and doors.
“The Home Star Energy Retrofit Act is a common sense bill that will create jobs, save consumers money, and strengthen our economy,” according to President Obama.
The bill has two parts, the Silver Star and the Gold Star, and would authorize $5.7 billion for the program over two years.
Under the Silver Star program, homeowners could receive up to $3,000 in rebates for installing energy-saving technologies, including insulation, duct sealing, windows and doors, air sealing, and water heaters.
The Gold Star program rewards homeowners who conduct comprehensive energy audits and implement a full complement of measures to reduce energy consumption. They could receive $3,000, or half the cost, for measures that reduce energy use by 20 percent, and they could receive up to $8,000 when additional energy savings are achieved.
The anticipated benefits of Home Star are high. It’s expected to allow 3 million households to retrofit and improve the efficiency of their homes, and consumers may save $9.2 billion on their energy bills over the next decade.
In addition, it could create 168,000 new U.S.-based jobs.
And thank you for making me Your Orange County Real Estate Connection
Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900