Oct. 19 - Senators Michael Bennet (D-CO) and Johnny Isakson (R-GA) introduced a bipartisan bill that would enable better mortgage underwriting, encourage investments in energy efficient homebuilding and create more than 80,000 construction jobs. Under the Sensible Accounting to Value Energy (SAVE) Act, federal mortgage loan agencies would consider a homeowner’s expected energy costs when determining the homeowner’s ability to make monthly mortgage payments. Average residential energy costs amount to more than $60,000 over the life of a 30-year mortgage. The SAVE Act would give a more complete picture of the costs of homeownership and borrowers’ capacity to service debt. "Geothermal heat pump systems, which offer 40 to 70 percent savings in annual energy bills, would obviously enhance a any home's affordability," said GEO President and CEO Doug Dougherty. The bill has support from a broad coalition of real estate, business, building trade and conservation groups. (Various news reports and GEO)
On-bill financing program included in the final funding bill Pursuant to Dewayne's comment, this was received earlier this week: The Sanders provision was retained in the final bill that is expected to clear both chambers this week. The bill funds the Departments of Agriculture, Commerce, Justice, Transportation, and Housing and Urban Development for the remainder of FY 2012. The bill also contains a provision to extend funding for the other government agencies until mid December (current funding expires on Friday night). We are looking for an update soon. This provision may provide a model for utilities to finance the energy efficient systems. It sets aside $1MM for a pilot program that would guarantee the utility loan to the consumer for energy efficiency install/upgrade.
