White House Proposes Federal Home Energy Rebates

Earlier today, the president outlined a proposed $6 billion plan to create jobs and give federal energy efficiency rebates to homeowners. Under this new program, homeowners would be eligible for $1,000 to $1,500 in rebates for upgrades such as insulation and weatherization, as well as for the purchase and installation of new energy efficient water heaters, HVAC units, windows, roofing and doors.

The plan also allows for any homeowner who combines multiple upgrades that result in a 20 percent (or higher) reduction in energy usage to be eligible for $3,000 in rebates.

Designed to be a limited, short-term initiative similar to the "cash for clunkers" program, the administration hopes to reach two to three million homes. The White House said it expected the program would save consumers $200 to $500 in energy costs per year. The plan must first be passed by Congress before any rebates begin.

For more information, read the official press release from the White House.