House Passes Home Star Bill to Create Jobs & Lower Families’ Energy Bills

WASHINGTON, DC - May 19, 2010 - (RealEstateRama) — The U.S. House passed the Home Star Energy Retrofit Act of 2010 (HR 5019) today, legislation that will spur job growth in the construction, manufacturing, and retail industries by giving families incentives to make their homes more energy efficient. The measure is projected to create 168,000 jobs across the U.S. and save 3 million families an estimated $200-$500 per year over the next 10 years ($9.2 billion total) by making their homes more energy efficient.

“Home Star creates immediate incentives for homeowners to make their homes more efficient, which has a triple benefit: saving Americans on their energy bills, making our nation more energy efficient, and putting Americans to work in construction jobs that cannot be outsourced, stated Rep. Hoyer. “Creating jobs remains a top priority for this Congress, and this bill will accomplish that objective by restarting assembly lines at factories that manufacture energy efficiency technologies and putting construction workers back on the job installing these improvements in the homes of millions of American families.”

Home Star, which is modeled after the successful Cash for Clunkers program, is designed to spur home energy retrofits by providing rebates to homeowners who install energy-saving products, such as insulation, windows, doors, and heating systems. The program includes two tracks to provide long and short-term benefits.

The Silver Star program will provide up-front rebates up to $3,000 for the installation of specific energy-saving technologies, including insulation, duct sealing, windows and doors, air sealing, and water heaters. The Gold Star program rewards homeowners who conduct a comprehensive energy audit and implement a full complement of measures to reduce energy use throughout the home. Consumers will receive $3,000, or half the cost, for measures that reduce energy use by 20 percent, and can receive up to $8,000 when additional energy savings are achieved.

“HomeStar is another step toward a more energy-efficient America-and toward a lasting, job-creating economic recovery,” stated Rep. Hoyer.

The bipartisan legislation enjoys broad support from business, labor, environmental and consumer groups - including President Obama, the National Association of Manufacturers, U.S. Chamber of Commerce, National Association of Home Builders, Owens Corning, Home Depot, Laborers’ International Union of North America, Natural Resources Defense Council, and the Home Star Coalition with over 1000 business and organization members nationwide.

 

 

 

 

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USGBC - U.S. Green Building Council

HUD - U.S. Department of Housing and Urban Development

NAR - National Association of REALTOR

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FHFA - Federal Housing Finance Agency

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MBA - Mortgage Bankers Association