LEGISLATION INTRODUCED TO CREATE PERFORMANCE BASED FEDERAL TAX CREDIT
FOR IMPROVING THE ENERGY EFFICIENCY OF EXISTING HOMES
On November 81, 2011, Senators Olympia Snowe (R-ME), Jeff Bingaman D-NM), and Diane Feinstein (D-CA) introduced the "Cut Energy Bills at Home Act". This bill creates a new performance-based existing homes tax credit (25E). RESNET applauds this bill and these Senators' consistent leadership on energy efficiency.
The Cut Energy Bills at Home Act provides a $2,000 credit for home energy efficiency retrofits to the homeowner for a 20% improvement in home energy efficiency. For every additional 5% improvement, the homeowner is eligible for an extra $500, up to $5000. The legislation specifically recognizes RESNET standards for certified Home Energy Raters to verify the credit, accreditated software programs to model and calculate the energy savings and RESNET Energy Smart Contractors to install the improvements.
RESNET was part of the coalition which worked with Senators Snowe, Bingaman, and Feinstein in drafting this legislation. RESNET feels strongly that a performance-based model, a model which allows the consumer to decide how to best retrofit a home, is good public policy and deserving of support. This is just one more step toward the revitalization of our industry and a more energy efficient America. This also reflects the added credibility that RESNET has in Washington.
RESNET will be working with its strategic allies in urging that Congress take action on ths bill.
RESNET also urges you to contact your states' Senators to encourage them to join Senator Snowe, Senator Bingaman, and Senator Feinstein in co-sponsoring the Cut Energy Bills at Home Act.