“Cash For Caulkers” To Stimulate Economy & Encourage Energy Efficiency

First it was Cash for Clunkers, then Cash for Appliances, and now “Cash for Caulkers” aims to boost the home construction sector as the next significant economic stimulus proposal to provide rebates and encourage home energy efficiency. Lawmakers in the House approved a $6 billion measure to reimburse homeowners up to 50% rebates on the cost of installing energy-efficient appliances and retrofit projects.

Formally known as the Home Star Energy Retrofit Act, “Cash for Caulkers” is a crowning piece of Obama’s strategy to create jobs and strengthen the economy. Homeowners who put on their own tool belts on to complete the green initiatives themselves can receive rebates up to 50%–up to $250—on energy-efficient appliances such as air sealing and insulation products. Energy-saving retrofit projects, completed by qualified contractors, can receive rebates up to 50%–capped at $3,000. Projects eligible for rebates include insulation improvements, replacement of windows, doors, heating, and cooling systems.

Upgrades have specific eligibility requirements: window replacements count if you replace at least 8 windows; door replacements require only 1; storm windows and window film sealants must cover the majority of windows; all appliances from furnaces to air conditioners must meet the bill’s energy-efficient standards. Homeowners that conduct a comprehensive energy analysis of their entire home and trim a home’s total energy consumption by 20% are eligible for $3,000, plus receive an additional $1,000—up to a maximum of $8000—rebate for each additional 5% improvement.

The bill is still jumping Capitol Hill’s hoops as it awaits approval by the Senate. It’s projected to span two years, hoping to make energy-efficient home upgrades a standard across the nation. An additional $600 million will be provided to help states create mobile-home energy efficiency programs. One analysis projects the bill will create almost 170,000 jobs in the construction industry, cut energy bills up to $500 a year for some 3 million families, and reduce home energy costs by almost $10 billion over 10 years. The past economic rebate programs bearing the same name propped up industries momentarily; hopefully Cash for Caulkers will live up to its legacy and provide more long-lasting economic benefits and earth-friendly effects.

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