Washington, D.C., March 17 -- U.S. Rep. Chris Van Hollen (D-Md.) introduced a bill that would provide more than 1 million homeowners with up to $10,000 in zero-interest loans to finance qualified home-energy audits and certified home-energy savings improvements. The National Home Energy Savings Revolving Fund Act would be implemented in two $5 billion increments in 2010 and 2011.
The bill would require participating local governments to establish a method by which homeowners can repay their loans through their property taxes. “Home energy efficiency improvements are good for the environment, the economy, and family budgets,” Van Hollen said in a statement. “By allowing people to pay the cost of retrofitting their homes over time as part of their property taxes, we will [allow] homeowners [to] achieve considerable savings on their energy bills.”
The bill has multiple Democratic sponsors.