New proposed tax credit would boost job creation in hard-hit construction sector and help reduce America’s energy consumption
Washington, DC — Efficiency First, a national trade association of home performance companies and industry allies, applauds Senators Jeff Bingaman (D-NM) and Olympia Snowe (R-ME) for their bipartisan bill to create a performance-based energy efficiency tax credit for homeowners. The Cut Energy Bills at Home Act was introduced in the Senate earlier today.
The Cut Energy Bills at Home Act, if passed, would create the nation’s first performance-based energy efficiency tax credit for home retrofits. For the first time, homeowners would be rewarded with a federal tax credit for projects that achieve a percentage reduction in energy use, rather than for installing a certain piece of equipment. The legislation would provide tax credits of $2000-$5,000 for qualified residential energy efficiency retrofits that save 20-50% respectively, up to 30% of the cost of the retrofit.
“This performance-based legislation is crucial to the success of the growth home performance industry while also sending an important message to homeowners: save more energy, get more tax credit, save more money,” said Efficiency First Executive Director Jay Murdoch. “We urge Congress to pass the 25E tax credit which would go a long way toward spurring growth and employment of home performance contractors while saving energy and reducing utility bills.”
Greg Thomas, CEO of Performance Systems Development and Chairman of Efficiency First, added: “This legislation makes ground-breaking strides at accessing the current infrastructure and best practices of the home performance to provide common-sense financial savings to consumers for whole house energy improvements.”
To coincide with today’s introduction of the legislation, Efficiency First has launched a grassroots effort to build support for the bill. More information can be found at www.efficiencyfirst.org/25e. An Efficiency First representative is available for comment.
Efficiency First is the trade association for America’s home performance industry – uniting home performance companies, building product manufacturers and related businesses and organizations in the escalating fight against global warming and rising energy costs.
Efficiency First represents its members in public policy discussions at the state and national levels, to promote the benefits of energy efficiency retrofitting and to help our companies grow do the industry can meet customers’ demand for quality residential energy improvements. For more information: www.efficiencyfirst.org