Mortgage News

President Obama proposed a program last month that would reimburse home owners for installing energy-efficient appliances, windows, and insulation.

Under what has been dubbed “Cash for Caulking,” home owners would get a 50 percent rebate on items like energy-efficient air conditioners, heating systems, washing machines and dryers, refrigerators, replacement windows, and insulation up to $12,000, meaning a household could spend $24,000 and get $12,000 back. There will likely be no income restrictions.

Steve Nadel, director at the American Council for an Energy-Efficient Economy, who is helping to craft the legislation, says they are contemplating having contractors or retailers pay part of the cost upfront to ease the need for home owners to come up with a significant amount of cash.

This is part of the President’s plan to creating and saving 2.5 million jobs. The stimulus package would create jobs “rebuilding our crumbling roads and bridges, modernizing our schools, and creating the clean energy infrastructure of the twenty-first century," indicated the President. Early estimates of costs of the overall plan are from $300 to $500 billion...q

Source: CNNMoney.com