President Obama said Tuesday that he plans on offering government rebates to home retrofitting, saying that this would create more jobs and save energy. Rebates as much as $3,000 could be offered to energy-saving home renovations. The idea is based off of last years “Cash for Clunkers” program. If the program passes it is said to cost around $6 billion and entice as many as 3 million homeowners.
The Homestar program could create jobs, decrease our dependence on foreign energy sources, and decrease energy costs for homeowners. The 6 billion dollars going into this program may be well worth it if the projected 3 million homeowners find the tax rebate enticing enough to purchase more expensive energy-efficient renovations. I think the willingness of homeowners to pay more for these energy-efficient home improvements may be one drawback for this program.
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