Introducing the $23 Billion for "Cash for Caulkers"

It appears that the success of "Cash for Clunkers" created enough buzz for a spin off. (However, this all  should be credited to the catchy Cash4Gold.com people.) Well either way, it is time for those programs to move aside for our personal favorite, "Cash for Caulkers."

The general goal of the program would be to pay homeowners to make energy efficient improvements on their homes. The potential value of such a program would be great because as we all know that cost effective home improvements bear savings month to month. The details need to be worked out, but this idea has achieved such high endorsements as former President Bill Clinton, White House Chief of Staff Rahm Emanuel, and John Doerr, an influential venture capitalist in Silicon Valley.

Here is the general breakdown as of the proposed program (via The New York Times):

• The official name of the program would be Homestar, playing off the name Energy Star, a government program that promotes energy-efficient appliances.
  

• It would cost $23 billion over two years. Of that, $6 billion would go to incentives to people who did at least two significant weatherization projects — such as air sealing, insulation, new light bulbs and new appliances. Homestar would have a list of 10 such projects. Households that did at least two would be eligible for up to $2,000. Households that did four would be eligible for up to $3,500. The government money could not pay for more than half of any project.

• Another $12 billion would be set aside for households that undertook a weatherization project that reduced energy consumption by at least 20 percent. A 20 percent reduction would bring a $4,000 subsidy. Each additional 5 percent reduction would bring another $1,500. Again, government money could not pay for more than half of any project.

• Some portion of weatherization projects would be audited to ensure they had done what they were supposed to. These audits would be paid for with $2 billion for program administration.

• The remaining $3 billion for the program would pay for incentives to retailers, like Home Depot and Lowe’s, and contractors. “What you want to be able to do,” Mr. Doerr said, “is walk into Sears or Home Depot and see a great big Homestar logo and a Homestar sales representative."

Even more from the New York Times (including an interactive graphic).
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