Homeowners and job seekers alike could benefit from new energy initiatives being offered by the government. Vice President Joe Biden said at a recent event that in the near future, not only will new home energy efficiency options be available to save money for homeowners who want to make upgrades, but workers interested in the industry will have new job opportunities.
New Options for Homeowners
The government plans to make a variety of options available for homeowners that will contribute to saving money on energy costs. First up will be two pilot programs:
- Efficiency loans: The government will offer a two-year pilot program that will allow homeowners to borrow money insured by the Federal Housing Administration (FHA) and available through private lenders for as long as 20 years to pay for new energy efficiency projects for their homes. Some upgrades could include insulating attics or putting double panes on windows.
- Contractor assistance: The Energy Department also is planning to launch a pilot program that will allow contractors to rate how efficient homes are on a scale of 1 to 10. Doing this could help homeowners make decisions on what improvements will be needed. Contractors would also provide an estimate on how much could be saved on energy costs in the long term by making such retrofits.
The adjustments could not only make homes more affordable to live in for current homeowners, but also raise the property value of their houses if they choose to sell in the future. Not to mention that homeowners could take advantage of energy tax credits to help add more to their bank accounts.
Adjustments Could Boost Job Growth
President Barack Obama is under immense pressure to lower the unemployment rate, which still sits at 9.6 percent. By broadening the home energy efficiency industry, he hopes to create more jobs in the near future. Among the new positions opening will be some that focus on ways to develop and expand green technologies. Also, workers will be needed to provide estimates and update homes.
The hope is that all of the changes to the growing home energy efficiency industry could make lives easier for millions in need of saving and earning money.