Obama proposes ‘Cash for Caulking’

WASHINGTON – Dec. 10, 2009 – President Obama proposed a program Tuesday that would reimburse homeowners for installing energy-efficient appliances, windows and insulation.

Under what has been dubbed “Cash for Caulking,” homeowners would get a 50 percent rebate on items like energy-efficient air conditioners, heating systems, washing machines and dryers, refrigerators, replacement windows, and insulation up to $12,000, meaning a household could spend $24,000 and get $12,000 back. There will likely be no income restrictions.

Steve Nadel, director at the American Council for an Energy-Efficient Economy, who is helping to craft the legislation, says they are contemplating having contractors or retailers pay part of the cost upfront to ease the need for homeowners to come up with lots of cash.

Source: CNNMoney.com (12/08/2009)