News: $6 billion Program Offers Rebates for Energy Efficient Homes

St. Louis mortgage owners finally have something to be optimistic about when it comes to doing home improvements in 2010.  A new program called Homestar will offer rebates to homeowners with energy efficient homes.

President Obama and his administration are hopeful stating this will create energy savings for U.S. consumers and offer additional environmental benefits.

Under this new federal program, rebates would be offered to homes that are equipped with energy efficient home HVAC equipment and water heaters including insulation, windows and doors.

“I’m convinced that the country that leads in clean energy is also going to be the country that leads in the global economy,” says President Obama.

The National Association of Home Builders (NAHB) believes that for every $1 billion in remodeling and home improvement spent, fiscal activity can generate approximately 11,000 jobs.

This would include $527 million in wages and salaries and an additional $300 million in business income for which the economy desperately needs.

“This has the potential to be a real shot in the arm for the home building industry,” said NAHB Chairman Bob Jones. “It will help put America back to work and it will help families save on monthly energy bills.”

Homeowners have a choice:  They can choose to get the Silver Star rating which will consist of rebates of 50% of the cost for upgrades for a total of up to $1,000 or $1,500 for the Gold star rating which will get them a $3,000 rebate plus additional amounts for any energy savings above 20%.

“The majority of money is targeted to silver-star rebates,” said Steve Cowell, CEO of Conservation Services Group.

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Here’s more information on rebates for energy efficient homes…