Washington, D.C. – September 16, 2010 – (RealEstateRama) — Congresswoman Shelley Berkley today voted to pass the Rural Energy Savings Program Act (H.R. 4785), legislation which contains loan assistance to help Nevada property owners who want to invest in making their homes more energy efficient. The bill was approved 240 to 172.“These loans allow families to renovate homes as a way to help lower monthly power bills by making their residences more energy-efficient,” said Berkley. “And the savings to families from increased energy efficiency can often cover the cost of loans made under the Home Star program.
This program not only produces savings for consumers, it’s also part of our overall effort to increase America’s energy security by decreasing our reliance on fossil fuels. More than 20% of all U.S. energy is used in homes, so this program can result in real savings.”
The Home Star program offers loans from $3,000 to $7,500 to eliminate the upfront cost of home energy upgrades. Homeowners repay the investment over 10 years as part of their monthly electric bills. Under the program, states like Nevada would borrow federal funds to allow electric utilities or other entities capable of administering a loan program to provide loans to consumers for residential energy efficiency measures. The Department of Energy, in consultation with the Secretary of Agriculture, identifies those energy efficiency measures that will save consumers money over time.
The bipartisan legislation is supported by business, environmental and consumer groups – National Association of Manufacturers, National Rural Electric Cooperatives Association, National Association of Realtors, National Association of Home Builders, Alliance to Save Energy, Home Star Coalition, Third Way, Retail Industry Leaders Association, and National Lumber & Building Material Dealers Association.
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