Obama touting home energy efficiency program
Johnny Asia
http://news.yahoo.com/s/ap/20091215/ap_on_bi_ge/us_obama_energy_efficiency
Obama touting home energy efficiency program
By JULIE PACE, Associated Press Writer
WASHINGTON � Hoping to jump-start his plans for job growth, President
Barack Obama is pushing Congress to pass incentives for homeowners who
retrofit their homes to make them more energy-efficient.
The president planned to visit a Home Depot store in Northern Virginia
on Tuesday to make the case that outfitting houses to be more
energy-efficient will create jobs and save families money on their
energy bills. It's the fourth time in less than two weeks that the
president will preside over a high-profile jobs event, as he calls
attention to his efforts to bring down the nation's double-digit
unemployment rate.
Last week, the president proposed a new spending plan that would
provide tax breaks for energy-efficient retrofits in homes. The plan
also calls for small business tax cuts and new spending on highway and
bridge construction. The administration hasn't put a price tag on the
plan, but it could cost more than $150 billion.
The White House hopes the appeal of the retrofitting program � which
some administration officials have dubbed Cash for Caulkers � will be
similar to the now-expired Cash for Clunkers program, which offered
rebates for trading in used vehicles for more fuel-efficient ones. At
a White House jobs summit earlier in the month, Obama told Home Depot
chairman Frank Blake that home improvement companies would be key
partners in this program.
Obama has also proposed expanding stimulus initiatives that promote
energy efficiency and clean energy jobs. Currently, about $8 billion
of the $787 billion stimulus package goes toward energy-saving
investments in homes. The White House has said investments like
installing insulation, sealing leaks and modernizing heating and air
conditioning equipment will pay for themselves many times over.
In a memo for the president, Vice President Joe Biden said stimulus
spending and other initiatives will lead to 1 million home
energy-efficiency retrofits by 2012. The report also said the U.S. is
on track to double renewable energy generation, including solar, wind
and geothermal, in three years.