Policy

Obama unveils incentive plan for home improvements

US President Barack Obama has announced details of plans to provide incentives for homeowners to improve the energy efficiency of their homes.

The plans, which were first outlined late last year and have yet to be ratified by Congress, aim to help two to three million households install measures that could save $200-300 on annual energy bills.

The ‘HOMESTAR’ programme aims to apply the concept of the ‘ENERGY STAR’ scheme for energy efficient appliances to the home itself, Obama said in a speech during a visit to Savannah, Georgia.

Rebates of up to $1000-1500 would be available for simple upgrades such as insulation, new windows or more efficient heating and cooling systems, while more major work delivering savings of more than 20% would qualify for up to $3000.

Consumers will get 50% off the cost of qualifying energy efficient building supplies and systems directly from stores or contractors.
State and local governments will also receive support under the programme to help provide additional financing options.

“These are big incentives,” said Obama. “We know this will save families as much as several hundred dollars on their utilities [and] we know it will make our economy less dependent on fossil fuels.”

The plans will also boost US businesses and create jobs, he added, particularly in the construction sector where employment is currently running at nearly 25%.

But last month, the figures indicated that less than 10,000 homes have been weatherised under Obama’s ambitious $5 billion strategy to improve the energy performance of 600,000 properties.

For further information:
www.whitehouse.gov/

03 March 2010

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