SHELBYVILLE, Ind., May 10, 2010 (BUSINESS WIRE) -- Today, Knauf Insulation North America applauds the U.S. House of Representatives' passage of the HOMESTAR Energy Retrofit Act (H.R.5019). The bipartisan legislation was passed by a vote of 246 to 161 on Thursday, May 06, 2010. Passage of this legislation confirms that Knauf Insulation's recent actions taken in Washington D.C. to encourage the nation's leaders to pass energy efficient legislation and our long held position of "it's time to save energy" are resonating in the nation's capitol.
HOMESTAR invests $6 billion in the form of incentives, matched by private investment, to generate three million home retrofits and tens of thousands of jobs across the United States. The President's Economic Recovery Advisory Board unanimously recommended HOMESTAR as a strategy for near-term job creation in late February, 2010.
HOMESTAR is a critical piece of legislation for the manufacturing and building construction industries, and the nation. The program uses incentives to encourage homeowners to make energy efficient investments in their homes using qualified contractors in return for substantial government rebates. Homeowners who invest in building insulation, mechanical systems, energy efficient appliances, and whole-home energy efficiency retrofits will be eligible for incentives and rebates.
"I applaud the 246 representatives who voted for this bipartisan legislation that will create thousands of jobs and save energy," says Knauf Insulation North America CEO Mark Andrews. "HOMESTAR legislation uses a simple rebate system to motivate homeowners to hire qualified contractors to install insulation and other energy efficient products to improve the energy efficiency of their homes and make them more comfortable." As part of the program, consumers can take advantage of Silver Star incentives which provide rebates for specific investments including insulation, duct sealing, windows and doors, air sealing and water heaters up to $1,500 per improvement, capped at a total of $3,000 or 50 percent of the total project cost. In addition, the program rewards homeowners who conduct comprehensive energy audits and take steps to reduce energy use with Gold Star incentives which provide rebates of $8,000 or 50% of the project cost depending on the amount of energy saved.
The success of the HOMESTAR program for the insulation industry, as well as for consumers, depends on the legislation's ability to require genuinely sustainable, superior insulation products be installed by professional contractors to ensure quality installation and maximum performance. This approach will put thousands of American's back to work.
"Construction-related manufacturing is running at less than 65 percent of capacity," says Knauf Insulation North America Vice-President of Marketing Joey Viselli. "Producing these energy-saving products to meet the demand generated by this legislation will re-start factories across the country. It will also take advantage of capacity that is immediately available while putting skilled contractors back to work." The construction and U.S. manufacturing industries have been among the hardest hit during the recent economic downturn and this legislation is critical for those industries. Unemployment in the residential construction segment stands at 24.7 percent. HOMESTAR will create 168,000 jobs in skilled manufacturing and construction that can't be outsourced.
The HOMESTAR Energy Retrofit Act (HR 5019) now goes to the U.S. Senate for consideration. "This is a win for consumers, the environment and the economy," says Andrews. "I look forward to quick action by the Senate to pass this vital legislation. It is time to save energy." Knauf Insulation is a leading global manufacturer of thermal and acoustical fiber glass insulations for residential, commercial, industrial, OEM and metal building applications. For more information about Knauf Insulation sales and products, visit www.knaufinsulation.us, write to Knauf Insulation, One Knauf Drive, Shelbyville, IN 46176 or call 800-825-4434 ext. 8212.
SOURCE: Knauf Insulation CONTACT: Caldwell VanRiper Public Relations Stacey Lee, 317-638-9160 Fax: 317-635-5717 E-mail: slee@CVRindy.com or Knauf Insulation Mike Lynam, 800-825-4434 ex. 8208 Copyright Business Wire 2010 -0- KEYWORD: United States
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