Cash for Caulkers encourages homeowners to weatherize their homes to increase energy efficiency.

 

The proposal — part of President Obama's broader plan to create jobs, stimulate the economy and benefit the environment — will cost $23 billion over two years, most of which will go toward $2,000-$4,000 incentive payments to homeowners.

 

The plan is intended to reduce energy use by about 28 percent over the next decade and to create jobs in the hard-hit construction sector.

 

The homeowner pays at least 50 percent of the cost of the project, a detail that has raised criticisms that a homeowner might sell the property before seeing the financial benefit.

 

Under the proposal, the homeowner could add the cost of the project to the home's long-term property tax bill, effectively splitting the cost with the next owner.

 

On May 6, 2010, the U.S. House of Representatives passed the "Cash for Caulkers" bill, known formally as the Homestar Energy Retrofit Act. It will now go to the U.S. Senate for approval.

 

(Source: New York Times / Photo: Flickr)