Biden to announce home energy efficiency initiatives

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Vice President Joe Biden is expected to announce a series of initiatives today aimed at helping middle-income Americans make their homes more energy efficient and boost job growth among home retrofitters, according to Reuters.

The goal of the measures is two fold: help Americans keep down energy costs while at the same time laying the groundwork for a larger home energy efficiency industry.

“Together, these programs will grow the home retrofit industry and help middle-class families save money and energy,” Biden is scheduled to say at the event.

The funds might be used insulate attics or install double-paned windows to trap heat in the winter and cool air in the summer.

President Barack Obama hopes the energy efficiency business and green technologies will be a future source of strong job growth.

The initiatives include a new loan program from the Federal Housing Administration through which Americans can get federally insured loans from private lenders to pay for home energy improvements.

Under the initiative, homeowners will be able to borrow money for as long as 20 years for the projects, the vice president’s office said. It will begin as a two-year pilot program.