Newest Addition to E4 Initiative to Fuel Job Creation Would Help Make More Energy Efficiency Projects a Reality
January 13, 2009
Washington, D.C. – U.S. Senator Russ Feingold
introduced new legislation today that helps to create jobs by supporting
energy efficiency projects. Feingold’s Community Revitalization
Energy Conservation (CREC) Act is the latest addition to his E4 initiative
aimed at fueling job creation and spurring economic development. The legislation
will help ease the costs of going green for homeowners and businesses
by expanding the types of projects that are eligible for Qualified Energy
Conservation Bonds (QECBs). New projects eligible for the bonds include
those that help reduce energy consumption in privately owned buildings,
particularly those that reduce the upfront costs homeowners and businesses
must pay for energy efficiency and conservation upgrades. Projects that
could qualify for the funding include heat-fuel saving measures like insulation,
electricity-saving measure like lighting and appliances, water-saving
measures like low-flow shower heads and toilets, renewable energy generating
devices like photovoltaic solar installations, storm water management
like rain barrels, or other measures that also result in reduced energy
use.
“I’ve heard from business and labor leaders and others in
Wisconsin about the tremendous potential for energy efficiency retrofits
to generate more green-collar jobs,” Feingold said. “This
legislation will accomplish that by helping to break down financial barriers
to going green. It encourages energy efficiency initiatives, creates jobs
and helps address our nation’s energy crisis. Energy efficiency
and conservation are in our national interest for our long term economic
well-being and security.”
“This is great leadership from Senator Feingold,” said Joel
Rogers, a national leader in efforts to retrofit the nation’s building
stock who is also a Professor at the University of Wisconsin. “The
effort we’re trying in Milwaukee, Me2 (Milwaukee Energy Efficiency),
would immediately benefit from this sort of bond availability.”
Feingold’s bill would also more than quadruple the size of the bond
program from $800 million to $3.6 billion available in tax credit bonds
for energy conservation and efficiency projects. Increasing the size of
the Qualified Energy Conservation Bond program will mean more support
for energy efficiency improvements in homes and commercial buildings across
the country. For example, this effort could create green-collar jobs in
Wisconsin for programs like Milwaukee’s proposed Me2 program that
promotes the installation of energy efficiency upgrades in buildings.
Senator Feingold’s bill is fully offset. It is endorsed by the Air
Conditioning Contractors of America, National Electrical Contractors Association,
and the Plumbing-Heating-Cooling Contractors-National Association.