WASHINGTON, DC – May 28, 2010 – (RealEstateRama) — U.S. Senator Debbie Stabenow (D-MI) today announced introduction of legislation that will create jobs in Michigan while helping homeowners make their residences more energy efficient. Senator Stabenow is an original co-sponsor of the Home Star Energy Retrofit Act of 2010, authored by Senator Jeff Bingaman (D-NM). The program provides rebates and tax credits on the labor and material costs of upgrading homes, modeling the successful Cash for Clunkers program Stabenow authored.
“This bill is a win-win for Michigan families, lowering their home energy bills and creating jobs in our communities” said Stabenow. “By spurring business for construction and manufacturing industries which have been hardest hit in these challenging economic times, this legislation will put Michigan workers back to work.”
This legislation provides approximately $6 billion dollars of incentives to consumers, and when coupled with private investment, will generate an estimated three million home upgrades and create tens of thousands of jobs across the country. The program will provide $250-$1500 rebates for smaller renovation projects for items such as insulation, duct sealing, water heaters, HVAC systems, windows, doors and roofs. It will also provide up to $3000 rebates for whole home energy upgrades, and up to $8000 in tax credits through 2013. Funding is also included to support state and local financing programs.