According to Bloomberg.com, President Obama has proposed a new incentive for homeowners modeled after the highly “Cash for Clunkers” program. Humorously referred to as “Cash for Caulkers,” the legislation would provide incentive for taxpayers to make energy efficient improvements to their homes. In addition to helping homeowners, the program is expected to create new jobs by stimulating companies like Dow Chemical Co. and retailers Home Depot and Lowe’s.
“The president’s proposals on weatherization and industrial energy efficiency will have the triple benefit of creating jobs quickly, saving consumers money and reducing our nation’s carbon footprint,” Plishka said in a statement.
Rebates for residences that are made more energy-efficient were proposed by Obama in a speech yesterday calling for new spending to cut the U.S. jobless rate. Lawmakers and business executives suggested the project, and the term “cash for caulkers,” as a way to replicate this year’s “cash for clunkers” auto rebate program.
“I’m calling on Congress to consider a new program to provide incentives for consumers who retrofit their homes to become more energy-efficient, which we know creates jobs, saves money for families and reduces the pollution that threatens our environment,” Obama said at the Brookings Institution in Washington.
The president didn’t use the program’s nickname or provide specifics, such as the amount of the rebates or cost. It would have to be approved by Congress.