Washington D.C. – May 7, 2010 – (RealEstateRama) — The House of Representatives approved legislation to provide rebates and loans for home energy efficiency improvements. The Home Star Energy Retrofit Act passed by a bipartisan vote of 246 to 161. The legislation must now be considered by the US Senate.“Utility bills are the second highest cost of home ownership today, exceeded only by the mortgage payment. The Home Star bill will lower homeowners’ monthly utility bills and also create jobs, stimulate domestic manufacturing, and strengthen U.S. energy security,” said Rep. Levin. “Providing up-front rebates to consumers to increase their homes’ energy efficiency is one of the most effective steps we can take to create jobs, save energy, and help homeowners save money.”
Almost all of the 130 million homes in the United States can be retrofitted with energy efficient equipment and materials to achieve energy savings, according to a report by the House Energy and Commerce Committee. American homes account for about 33% of the nation’s total electricity demand and approximately 22% of all energy use. If fully funded, the Home Star program will help 3 million American families complete projects, with estimated energy savings greater than $9 billion over 10 years.
The Committee also estimates that 92% of the energy efficient products and materials for which the rebates will stimulate sales are manufactured in the United States. In addition, demand for retrofitting services will increase local employment. An estimated 168,000 new jobs will be created.
The legislation is endorsed by the National Association of Manufacturers, the U.S. Chamber of Commerce, National Association of Home Builders, environmental groups, and more a coalition of more than 1000 businesses and organizations, including the Blue Green Alliance, Dow, Home Depot, Marvin Windows, and Lowe’s.
The program builds on the home energy efficiency tax credit, contained in the Recovery Act, which offers up to $1,500 for efficiency upgrades completed in 2009 or 2010. The Home Star program is designed to provide rebates in 2010 and 2011. The Home Star program offers two different consumer incentives:
- Silver Star – This path provides in-store rebates for specific energy-saving investments, including insulation, duct sealing, furnaces, windows and doors, air sealing and water heaters. Homeowners receive up to $1,500 per measure, with a rebate not exceeding $3,000 or 50 percent of the total project cost.
- Gold Star – This performance path rewards homeowners who conduct a comprehensive energy audit and implement a variety of measures to reduce energy use. Consumers receive $3,000 for a demonstrated savings of 20 percent, plus an additional $1,000 for each additional 5 percent energy savings with a maximum rebate of $8,000.
Contact:
Alan Mlynek
Office: 202.225.4961
