President Barack Obama has been pushing consumers to invest in energy efficient items for their home to save money and energy.
Well this Tuesday, Mr.Obama announced to an audience at the Savannah Technical College in Georgia that the government came up with a new incentive to attract consumers to green technology. In the speech he came to say that consumers shall receive an instant rebate for the purchase of energy efficient materials and certain appliances.
Obama went to Georgia to help promote his Home Star program aimed to create jobs in this down economy, this program is also commonly referred to as “cash for caulkers.” This program which is using funds from the Troubled assets Relief Program (TARP) is an attempt to help the US save money on utility bills while at the same time creating more jobs for the economy. The construction industry, which has been torn apart by our housing crisis is said to benefit huge from this program. Consumer monthly debt expenses will go down as well because of the major savings individuals will get from this program.
In the speech Mr. Obama said that this idea is not that of a Democratic or Republican point of view, but is just a common sense approach to help improve the economy and create more jobs for the unemployed.
The new program reflects much of the “cash for clunkers” program that was offered months back to help boost the car industry. This program is going to offer consumers an instant rebate up to $3,000 for the purchase of certain energy efficient materials. These purchases include energy efficient doors, new water heaters, and windows. The rebate will be given directly at the time of sale from major retailers such as Home Depot and Lowes. Some are said to reduce energy costs up to twenty percent.
The White House believes that this program will easily reach out to 2-3 million Americans. Obama said this is to likely to decrease the construction industries devastating unemployment rate of 25%.