Proposed Tax Credit Would Reduce Global Warming Pollution, Lower Energy Bills

Environment America

Senators Snowe, Bingaman, and Feinstein on Monday introduced a bill to create a tax credit that would reward homeowners who reduce the amount of energy they use in their homes. The proposed “Cut Energy Bills at Home Act” creates a sliding scale of tax credits based on the amount of energy saved in a home, providing up to $5000 for lowering energy use in one’s home by half.

Emily Fischer, Energy Associate with Environment America, responded to the announcement:

“Senators Snowe, Bingaman, and Feinstein deserve tremendous credit for addressing one of the biggest sources of global warming pollution in our country: the energy used to heat, cool, and power homes. By tackling the issue of energy waste in buildings, we can dramatically reduce global warming pollution while saving consumers money for the long term and creating local jobs. This benefits our planet and our pocketbooks.

“Homeowners can tap into tried-and-true energy saving methods, including sealing up air leaks, adding insulation, and investing in energy-sipping appliances, to lower energy use and take advantage of this tax credit.”

The Senators’ bill joins a number of other pieces of bipartisan energy efficiency legislation currently being considered in the House and Senate:

• H.R. 2599: The PACE Protection Act of 2011 would restore the ability of state and local governments to provide low- or no-interest loans to citizens to make energy-saving improvements in their homes and businesses.

• S. 1737: The SAVE Act of 2011 would incorporate energy performance into the appraisal process for homes and businesses, ensuring that builders are rewarded for incorporating energy-saving measures into their designs and home buyers who purchase efficient homes can take those savings into account when applying for a mortgage.

• S. 1000: The Energy Savings and Industrial Competitiveness Act of 2011 addresses a wide range of efficiency policies, from supporting the development and adoption of better building codes and appliance standards to establishing financing programs for commercial and industrial manufacturers to implement energy-saving measures.

Fischer added: “As the Obama Administration proposes what would be the biggest step ever taken to reduce global warming pollution by getting cars to go further on a gallon of gas, these bipartisan steps by Congress to utilize the vast untapped reserves of wasted energy in our buildings are extremely encouraging.”