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Fast Money

New Incentive To Improve... Your Home, That Is!

It appears cash for clunkers worked so well the government is now looking at dough for doors, windfall for windows and more.

Okay, we’re being a bit cheeky but a WSJ report suggests the Obama administration has already had conversations with Lowe’s and Home Depot about providing new incentives to people who make energy efficient home improvements.

Prop Desk: Home Improvement Trade

According to the Journal, "White House officials are discussing the use of expanded tax credits or cash rebates to consumers who agree to conduct energy audits of their homes and subsequently take specific steps to improve their energy efficiency."

However, unlike the $1500 tax credit passed as part of the stimulus legislation – the new incentives are as much aimed at generating jobs as they are getting home owners to become more energy efficient.

Again, according to the Journal, the new program is “among a variety of ideas for boosting employment under consideration ahead of a jobs summit." that President Obama is hosting Thursday.

Although the program is clearly in its earliest stages, it's probably a good time to start thinking about how you'll game it.

So who wins if the government does launch a new “leverage your leaks” -- or similar home improvement incentive program?

I like Home Depot, says Guy Adami. But at $28 I’m kind of ishy-squishy on the stock right now.

I’d play it with Whirlpool, says Steve Grasso.

Mohawk is worth a look , adds Karen Finerman.

I’d play it shortSears, adds Joe Terranova.

What do you think? We want to know!

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Trader disclosure: On Dec. 1st, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Terranova Owns (SU), (GOOG); Grasso Owns (AAPL), (BA), (BAC), (C), (WMT), (V); Finerrman Owns (GLNG); Finerman's Firm Owns (GLNG), (PLCE), (MSFT), (WMT), (PDE), (RIG), (TGT); Finerman's Firm Owns (BAC) Preferred, (BAC), (BAC) Calls; Finerman Owns (BAC) Preferred, (BAC); Finerman's Firm Is Short (IJR), (IWM), (MDY), (SPY), (USO), (UNG)

For Steve Grasso:
Stuart Frankel Owns (NWS)
Stuart Frankel Owns (PDE)
Stuart Frankel Owns (SDS)
Stuart Frankel Owns (YHOO)
Stuart Frankel is Short (QQQQ) with wires