Obama set to outline Home Star energy efficiency rebate program

Obama to outline home energy rebate program, could top $5-billion

U.S. President Barrack Obama will soon outline specific details about the efficient energy rebate program, the Home Star Program, which he has recently been promoting.

Under the program, people who renovate their homes with approved energy efficient equipment would be eligible for a rebate of up to $1,500. Eligible renovations include insulation, heaters, new windows, roofing, doors, among other renovations and equipment. Consumers would receive the rebates immediately from vendors, who would later be reimbursement by the government. Special financing for projects will also be offered through the program to help consumers complete more expensive projects.

 A rebate of $3,000 is also available to home-owners who lower their total annual energy costs by at least 20-percent, with even higher reimbursements if costs savings surpass 20-percent.

Obama is hoping the program will be hugely successful like the Cash for Clunkers program that provided rebates to consumers who traded-in older vehicles to buy newer ones. That program came with a fairly hefty price tag at $3-billion. The President is hoping consumers will take advantage of the program to build more energy efficient homes.

The President said the Home Star Program would accomplish three goals, mainly to create jobs, to lower monthly utility costs, and to reduce harmful emissions, and to lower the country’s dependence on foreign energy.

The program still needs congress approval, and it has not been made public as to how much it might cost, while reports indicate the program could top $5-billion.

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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to [email protected]
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