The Home Star bill, passed 246-161, would authorize $5.7 billion over two years for a program that supporters - mostly Democrats - said would have the added benefits of invigorating the slumping construction industry and making the earth a little cleaner. Republicans overwhelmingly opposed the bill, and they were able to attach a condition that it would be terminated if Democrats do not come up with a way to pay for it.
The measure has come to be dubbed Cash for Caulkers , a takeoff on the popular 2009 Cash for Clunkers initiative that rewarded people for replacing gas-guzzling vehicles with more fuel-efficient models. President Barack Obama has promoted the bill, which also needs Senate approval.
The initiative is separate from an energy tax credit of up to $1,500 (which Ive mentioned in a past blog) that was included in last year's economic stimulus act. That credit for energy efficiency improvements runs through the end of this year.
The initiative is separate from an energy tax credit of up to $1,500 (which Ive mentioned in a past blog) that was included in last year's economic stimulus act. That credit for energy efficiency improvements runs through the end of this year.
Supporters estimate that 3 million households would make use of the new program, saving $9.2 billion in energy costs over a 10-year period. They said it would create 168,000 jobs, mainly in the recession-hit construction industry.
Under Home Star, rebates or discounts would be provided to homeowners at the time of sale. The retailer or contractor then would submit documentation to a processing office which would verify the information and forward the request to the Energy Department for payment.
To prevent fraud, the program would require licensing for all participating contractors and a certain percentage of projects would be inspected.
To prevent fraud, the program would require licensing for all participating contractors and a certain percentage of projects would be inspected.
The bill has two parts:
The Silver Star program provides upfront rebates of up to $3,000 for specific energy-efficient improvements in homes, such as installing energy-efficient appliances or duct sealing, insulation or new windows or doors.
A Gold Star program would entitle people to up to $8,000 when they conduct comprehensive energy audits and implement measures that reduce energy use throughout their homes by more than 20 percent. With House passage, the bill moves to the Senate, where it most likely will be attached to the next jobs bill.
This is such fantastic news for Homeowners and Contractors like myself. I hope this blog helps some people to take advantage of a golden opportunity.