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

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"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.

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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.

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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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