Wednesday, March 3, 2010

Administration Pushing for a “Cash for Caulkers” Program

Yesterday President Obama spoke about the Administration’s push to implement a "Cash for Caulkers" program to give rebates to homeowners who make energy-efficiency upgrades to their homes. Officially known as Home Star, the plan is expected to appear in either another jobs bill or in separate energy legislation later this year.

The rebate amount will be determined by how much the upgrades reduce a home’s energy usage. If homeowners cut energy use by 20 percent, they could be reimbursed for half the cost of their energy saving purchases, for a maximum rebate of up to $3,000. Those who complete a more comprehensive home energy audit, reducing energy use by more than 20 percent, could receive up to $8,000, according to people familiar with the plan. A typical home energy audit and retrofit costs $5,000 to $8,000 and generally reduces monthly energy bills by 20-40 percent.

Watch the video below from CNN Money to learn more about the cost savings associated with a home energy audit.

Click here to see NHC’s related "Cash for Caulkers" policy statement.

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