NEW YORK – The 'Cash For Caulkers' Home Star bill passed on Thursday will offer home owners up to $8,000 in rebates for retrofitting and converting to qualified, energy-efficient and American-made, products. Sponsored by Rep. Peter Welch and run by the Department of Energy (DOE), the Home Star program budget is set for $6.6 billion.
“The Home Star Energy Retrofit Act is a common sense bill that will create jobs, save consumers money, and strengthen our economy,” said President Barack Obama in a statement yesterday.
“This rebate program will not only put people back to work, it will lower costs for homeowners who choose to improve their home with products like energy efficient windows, water heaters and air conditioners,” President Obama said.
Home owners benefitting from 'Cash For Caulkers' can choose between the Silver Star or Gold Star rebate programs. Those with silver can receive up to $3,000 per home from a contractor or vendor on specific energy saving products.
The Gold Star Rebate can provide up to $8,000 per home based on how much energy consumption got reduced after the retrofits. This means that Gold Stars will have household energy consumption documented through simulation software, the Home Star Energy Retrofit Act stated.
Welch’s official website further explained the Gold Star Rebates: “Consumers receive $3,000 for a demonstrated energy savings of 20 percent, plus an additional $1,000 for each additional 5 percent energy savings – capped at $8,000 or 50 percent of the project cost.”
The Home Star bill is expected to have 170,000 Americans attain jobs, and 3 million families save $200-$500 on energy, Welch wrote.
To read the whole bill please visit: http://www.gop.gov/bill/111/1/hr5019