A companion bill is expected to be introduced in the House inthe coming weeks, according to Duane Desiderio, VP and counsel withReal Estate Roundtable.


"If this were to pass, it would be a tremendous development forcommercial real estate," he tells GlobeSt.com. "It would spur andencourage energy efficient retrofits across all asset classes."Jobs would be created in the short-term because of the program and,eventually, utility costs would lower for building owners, hesays.


Styled after the auto industry's 'Cash for Clunkers' program,the bill would provide two means of financial incentives. Like'Cash for Clunkers,' it is a rebate program that would cover a costof the equipment or materials. Building owners would cover therest.


The second element to the program, though, would help underwritethe building owner's contribution: there will be funding availablefrom the Department of Energy that states will be able to access tomake low-interest loans, Desiderio says. "Rebates will vary fromspecific material and services by in general the program wouldcover one-quarter to one-third of the costs."

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