The SAVE Act: Sensible Accounting to Value Energy [S. 1737]
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RECENT PRESS AND NEWS COVERAGE |
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January 18, 2012 | CBS Denver | Bennet's New Bill Would Appraise Zero-Energy Homes Higher January 18, 2012 | Denver Post | Denver Homeowners Receive New Incentive to Buy an Energy Efficient Home December 30, 2011 | Metal Architecture Magazine | The SAVE Act Ties Energy Savings to Mortgage Reform November 16, 2011 | CNBC Television Coverage | Video November 7, 2011 | Consumer Reports |New bill would factor energy costs into home value October 28, 2011 | Washington Post | Ken Harney [nationally syndicated column]: The nation's housing: Putting some energy into underwriting October 21, 2011 | Miller-McCune | Real Utility: Accounting for Energy Costs Makes Mortgage Sense October 20, 2011 | Builder Magazine | SAVE Act Introduced on Capitol Hill October 19, 2011 | Denver Post | Bennet wants to give homebuyers credit for energy efficiency August 25, 2011 | New York Times | Strange Bedfellows Back Bill Using Mortgages to Spur Energy Retrofits |
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Summary
The SAVE Act is proposed legislation to improve the accuracy of mortgage underwriting used by Federal mortgage agencies by ensuring that energy costs are included in the underwriting process. The bill, S. 1737 [112th Congress], was introduced on October 19th, 2011 by Senators Bennet (D-Co.) and Isakson (R-Ga.) and referred to the Committee on Banking, Housing, and Urban Affiars. Comparable legislation has not yet been introduced in the House of Representatives. The proposal is supported by a diverse coalition of organizations, including the U.S. Chamber of Commerce, the Appraisal Institute, the U.S. Green Building Council, and the Natural Resources Defense Council.
Benefits
The SAVE Act would help revitalize the hardest hit sectors of the economy by providing lower rate mortgage financing for cost effective energy improvements; allowing homebuilders and homeowners to recover the cost of efficiency investments; and enabling better federal mortgage underwriting while lowering utility bills for American households. Benefits include:
- Enable federal mortgage programs to improve the quality of mortgage underwriting and provide an accurate picture of repayment risk and the expected costs of homeownership
- Greatly accelerate the supply of and demand for energy-efficient new homes
- Quickly return any incremental cost for homebuyers due to home efficiency improvements
- Encourage the purchase of energy-efficient homes that reduce utility bills for American homeowners and reduce the vast amount of energy consumed in homes
- Consistently and accurately account for energy efficiency in appraisals, enabling builders and homeowners to invest in energy-saving features
- Put people in the construction and manufacturing sectors back to work renovating and building energy-efficient homes and products
The SAVE Act would create 83,000 jobs and $1.1 billion in annual energy bill savings
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COALITION OF SUPPORTERS:
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Alliance to Save Energy (ASE) ASE is a coalition of prominent business, government, environmental, and consumer leaders who promote the efficient and clean use of energy worldwide to benefit consumers, the environment, economy, and national security. www.ase.org. |
American Chemistry Council (ACC) ACC is a trade association representing North American chemical manufacturers. ACC is committed to sustainable development by fostering progress in our economy, environment and society. www.americanchemistry.com. |
American Council for an Energy-Efficient Economy (ACEEE) ACEEE is an independent, nonprofit organization dedicated to advancing energy efficiency as a means of promoting economic prosperity, energy security, and environmental protection. ACEEE is a leading center of expertise on energy efficiency with a reputation for quality, credibility, and a bipartisan approach. www.aceee.org. |
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The American Gas Association (AGA) The American Gas Association represents companies delivering natural gas to customers to help meet their energy needs. AGA members are committed to delivering natural gas safely, reliably, cost-effectively and in an environmentally responsible way. www.aga.org. |
The American Public Gas Association (APGA) APGA is the nonprofit nationwide association for publicly- and community-owned gas utilities and represents over 700 members in 36 states. www.apga.org. |
Appraisal Institute The Appraisal Institute is a global membership association of professional real estate appraisers, with more than 24,000 members and 91 chapters throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. www.appraisalinstitute.org. |
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Blow In Blanket Contractors Association (BIBCA) BIBCA non-profit, member-driven trade association representing Blow-in-Blanket insulation industry professionals. www.bibca.org.
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Building Energy Efficient Codes Network (BEECN) BEECN is the Alliance's coalition to influence national public policy and public opinion on energy efficient codes. BEECN unites key stakeholders in an integrated campaign of lobbying, media, and grassroots advocacy in support of federal legislation that will set America on a path of continuous improvement that will lead to net zero energy buildings by 2030. |
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California Building Industry Association (CBIA) CBIA is a statewide trade association based in Sacramento representing thousands of member companies including homebuilders, trade contractors, architects, engineers, designers, suppliers and other industry professionals. www.cbia.org. |
California Energy Efficiency Industry Council The California Energy Efficiency Industry Council is a is an industry trade group representing non-utility companies that provide energy efficiency services and products in California. Member businesses include energy service companies, engineering and architecture firms, contractors, implementation and evaluation experts, financing experts, workforce training entities, and manufacturers of energy efficiency products and equipment. www.efficiencycouncil.org. |
The Center for American Progress (CAP) The Center for American Progress is a nonpartisan research and educational institute dedicated to promoting a strong, just and free America that ensures opportunity for all. The Center works to find progressive and pragmatic solutions to significant domestic and international problems and develop policy proposals that foster a government that is "of the people, by the people, and for the people. www.americanprogress.org. |
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The Center for Neighborhood Technology (CNT) The CNT is a creative think-and-do tank that combines rigorous research with effective solutions. CNT works across disciplines and issues, including transportation and community development, energy, water, and climate change.www.cnt.org. |
The Council of the North American Insulation Manufacturers Association (NAIMA) The Council of the North American Insulation Manufacturers Association advocates for policies and programs that encourage and incentivize increased energy efficiency through insulation in new and existing residential and commercial buildings and industrial applications. www.naimacouncil.org. |
Digital Energy & Sustainability Solutions Campaign (DESSC) DESSC brings together information and communications technology (ICT) companies and associations, non-governmental organizations, customers and other stakeholders committed to driving energy efficient, innovative and environmentally-responsible technologies, ideas and processes across every sector of our nation's economy. Members include Google, Microsoft, AT&T, Facebook, Cisco, HP, Verizon, and Dell. www.digitalenergysolutions.org. |
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Earth Advantage Institute (EAI) Earth Advantage Institute is a nonprofit organization that works with the building industry to help implement sustainable building practices. Its mission is to create an immediate, practical and cost-effective path to sustainability and reduction of carbon in the built environment. www.earthadvantage.org.
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EcoBroker EcoBroker is the premier provider of green designation training for real estate professionals. Founded in 2002, the company has built a solid foundation of environmental education and outreach helping consumers and communities take advantage of energy efficiency and environmentally sensitive design in real estate properties. www.ecobroker.com.
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Efficiency First Efficiency First is a national nonprofit trade association that unites the Home Performance workforce, building product manufacturers and related businesses and organizations in the escalating fight against global warming and rising energy costs. www.efficiencyfirst.org.
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Energy Programs Consortium (EPC) The Energy Programs Consortium is a national
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Environtmental Defense Fund (EDF) Environmental Defense Fund (EDF) is a leading national nonprofit organization representing more than 700,000 members. Since 1967, EDF has linked science, economics and law to create innovative, equitable and cost-effective solutions to society's most urgent environmental problems. www.edf.org.
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E2 Environtment Entrepreneurs Environmental Entrepreneurs (E2) is the leading independent business voice for the environment. E2 is a national community of individual business leaders who advocate for good environmental and energy policy while building economic prosperity. www.e2.org.
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Global Green USA Global Green is a national leader in advocating for smart solutions to climate change. For 15 years, Global Green has spearheaded green building, energy efficiency and water-saving techniques to green schools and green affordable housing projects while advancing groundbreaking solar, green building and energy efficiency policies. www.globalgreen.org. |
GreenBuilder Coalition Green Builder® Coalition is a non-profit organization dedicated to achieving balance and harmony between the built and natural environments. The Coalition has been created as a new platform to provide a common voice for those devoted to sustainable living. Committed to honesty, transparency and equality, the grassroots organization offers a single class of individual membership and is open to everyone. www.greenbuildercoalition.org. |
Institute for Market Transformation (IMT)
The Institute for Market Transformation is a Washington, DC-based nonprofit organization promoting energy efficiency, green building and environmental protection in the United States and abroad. IMT's work addresses market failures that inhibit investment in energy efficiency and sustainability in the building sector. www.imt.org.
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Insulation Contractors Association of America (ICAA)
The Insulation Contractors Association of America (ICAA) is a non-profit trade association representing residential and commercial insulation contractors. www.insulate.org.
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International Association of Certified Home Inspectors (InterNACHI) The International Association of Certified Home Inspectors (InterNACHI) is a non-profit professional association for home inspectors, with over 8,500 inspector-members in over 50 states. www.nachi.org.
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International Code Council (ICC) The International Code Council is a membership association dedicated to building safety and fire prevention. ICC develops the codes and standards used to construct residential and commercial buildings, including homes and schools. www.iccsafe.org.
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Johns Manville Johns Manville, a Berkshire Hathaway company, is a leading manufacturer and marketer of premium-quality building insulation, commercial roofing, roof insulation, and specialty products for commercial, industrial and residential applications. www.jm.com.
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Leading Builders of America (LBA) LBA is a Washington based trade organization that represents sixteen of the largest home building companies in the United States. In 2009, LBA member companies delivered 99,000 new homes in 34 states. Member companies account for more than 300,000 jobs annually through direct employment and engagement of sub-contractors.www.leadingbuildersofamerica.org.
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Midwest Energy Efficiency Alliance (MEEA) The Midwest Energy Efficiency Alliance is a collaborative network whose purpose is to advance energy efficiency in the Midwest. www.mwalliance.org.
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National Association of Manufacturers (NAM) The National Association of Manufacturers (NAM) is the preeminent US manufacturers association as well as the nation's largest industrial trade association, representing small and large manufacturers in every industrial sector and in all 50 states. www.nam.org. |
National Association of State Energy Officials (NASEO) NASEO is a national non-profit organization representing governor-designated energy officials from each state and territory. The organization was formed to improve the effectiveness and quality of state energy programs and policies, provide policy input and analysis, and to be a repository of information on issues of particular concern to the states and their citizens. www.naseo.org. |
National Electrical Manufacturers Association (NEMA)
NEMA is an electrical industry trade association focusing on the development of product standards, government affairs and market economics. Its approximately 450 member companies manufacture products used in the generation, transmission and distribution, control, and end-use of electricity. www.nema.org. |
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Natural Resources Defense Council (NRDC) The Natural Resources Defense Council is a national, nonprofit organization of scientists, lawyers and environmental specialists dedicated to protecting public health and the environment. Founded in 1970, NRDC has 1.3 million members and online activists, served from offices in New York, Washington, Chicago, Los Angeles, San Francisco and Beijing. www.nrdc.org.
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Northeast Energy Efficiency Partnerships (NEEP) NEEP is a non-profit organization that facilitates regional partnerships with policy makers, energy efficient program administrators, and business, to advance the efficient use of energy in homes, buildings and industry in the Northeast U.S. NEEP's initiatives facilitate the regional coordination of ratepayer-funded efficiency programs to overcome market barriers and increase the adoption of energy efficient products and services in Northeast markets. www.neep.org.
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Passive House Institute US (PHIUS) The Passive House Institute US (PHIUS) is a 501c(3) nonprofit organization that provides training, education and research to promote implementation of Passive House Building Energy standard, as well as the design approach and techniques to accomplish that standard.www.passivehouse.us.
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Residential Energy Services Network (RESNET) The Residential Energy Services Network (RESNET) is a nonprofit organization dedicated to upholding standardized, technically accurate and unbiased procedures for rating a home's energy efficiency. RESNET's standards and HERS ratings are recognized by the mortgage industry and by the federal government for such programs as federal tax incentives, the EPA's Energy Star program and the DOE's Building America program.www.RESNET.us. |
South-central Partnership for Energy Efficiency as a Resource (SPEER) SPEER is a partnership of energy efficiency industry stakeholders committed to the accelerated adoption of advanced building systems and energy efficiency products and services in the South-central US. www.eepartnership.org.
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Southeast Energy Efficiency Alliance (SEEA) The Southeast Energy Efficiency Alliance is a non-profit organization that promotes energy efficiency for a cleaner environment, a more prosperous economy, and a higher quality of life in the Southeastern region of the United States. www.seealliance.org. |
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Southwest Energy Efficiency Partnership (SWEEP) The Southwest Energy Efficiency Project is a private not-for-profit organization promoting greater energy efficiency in Arizona, Colorado, Nevada, New Mexico, Utah and Wyoming.www.swenergy.org. |
Structural Insulated Panel Association (SIPA) The Structural Insulated Panel Association (SIPA) is a non-profit trade association representing manufacturers, suppliers, fabricators/distributors, design professionals, and builders committed to providing quality structural insulated panels for all segments of the construction industry. www.sips.org. |
U.S. Chamber of Commerce The U.S. Chamber of Commerce is the world's largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations. www.uschamber.com. |
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