The Homestar Energy Retrofit Act of 2010 was introduced into the US Senate the earlier this week. The $6 billion program will create rebates for consumers who purchase and install energy savings equipment including high efficiency HVAC systems, hot water heaters, insulation, energy efficient doors, etc. Consumers will receive rebates at the point of installation and then contractors will be reimbursed by the government. The House version of the bill is currently in subcomittee and is expected to be formally introduced in April.
Because of Homestar addresses two major policy issues - energy efficiency and job creation - it is expected to have bipartisan support and could become law very soon. The government estimates Homestar will create 168,000 new jobs, the majority of which would be created in 2010.
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