Initiative Allows Homeowners to Support Cost of Energy Improvements via Property Tax Assessments-

The Obama administration is endorsing a plan which will allow homeowners to finance the cost of energy-efficient improvements through property tax assessments. Vice President Joe Biden emphasizes that the proposal would aid in reducing energy consumption throughout the U.S. and create green jobs in trades that manufacture and install energy efficient products such as insulation. He goes on to mention that retrofitting homes with insulation and weatherproofing cracks in windows and door seals can save “at a minimum, between 300 and 1,200 bucks a year… you get pay-back real quick on these investments.” The plan, according to Biden, further develops the obligations of the $787 billion stimulus package recently passed by Congress; with the Energy Department awarded $7.6 billion to utilize in home weatherization and other efficiency efforts. Biden underlines that each year Americans spend $1,500 to $3,000 toward heating and cooling their homes; so putting up cash for energy efficient improvements on property tax bills would allow homeowners to spread the cost of investment over an extended period of time. The original initiative – aptly called ‘Recovery through Retrofit’ – would help gain broader insight into increasing energy efficient developments, create certification methods to recognize energy efficient homes and establish nationalized standards for dedicated occupational training. Retrofitting America’s 130 million homes for energy efficiency would provide a 20 percent cut in greenhouse gas emissions – the equivalent of taking 30 million cars off the road – and, not to mention, the annual energy bill savings would amount to approximately $21 billion, Biden said. The administration recently reported that the awarded federal contracts have saved or created 30,383 jobs and has allowed school districts to avoid layoffs and restore budgets – resulting in about 250,000 education jobs.