House Passes Bill Giving Homeowners Tax Breaks For Making Homes More Energy Efficient
The House voted Thursday to pass the Home Star Energy Retrofit Act of 2010 which through the program will provide tax rebates to homeowners who install energy-saving products and at the same time help to create much-needed jobs in the manufacturing sector. The short-term, two-part program will benefit homeowners who perform and implement energy audit recommendations, and those who install energy-saving windows, doors, and heating systems.
"This legislation is a win-win for New Jerseyans," said Congressman Frank Pallone (NJ-06). "Homeowners benefit from lower utility bills and the manufacturing sector is able to create jobs and hire new workers to produce Made-in-America goods. It also builds on other efforts to increase our energy independence and put America back in control of our energy consumption."
The two levels of rebates will help an estimated three million American homeowners. The Silver Star program would provide up-front rebates of up to $3,000 for the installation of proven energy-saving technologies, such as insulation, duct sealing, window and door improvements, air sealing, and advanced water heaters. The Gold Star program rewards homeowners who conduct a comprehensive energy audit with $3,000, and up to $8,000 for additional measures that reduce energy usage by 20 percent.
Consumers are predicted to save $9.2 billion on their energy bills over the next 10 years as a result of Home Star's energy efficiency investments, and the program will create an estimated 168,000 new jobs here in the United States.
This legislation builds on previous accomplishments offering tax credits for energy-efficient home improvements in the Recovery Act, which also spur job creation.