Efficiency First

Washington, DC – October 19, 2011 –Efficiency First, a trade association of home performance contractors from across the country, applauds Senators Michael Bennet (D-CO) and Johnny Isakson (R-GA) for their bipartisan bill to encourage investment in home energy efficiency.  Senators Bennet and Isakson will introduce the “Sensible Accounting to Value Energy Act” or “SAVE Act” at a press conference this afternoon.

“Considering energy costs during the appraisal process will encourage investment in energy efficiency and will put our contractors and energy auditors – hit particularly hard by the recession – back to work.  This is an important contribution to the development of a clean economy infrastructure,” said Greg Thomas, CEO of Performance Systems Development and Chairman of Efficiency First.

The SAVE Act would require federal loan agencies to include projected energy costs when financing a house – essentially offering better mortgage values on properties that are more energy efficient. It would also allow U.S. homeowners to finance cost-effective home energy upgrades as part of their traditional mortgage, thereby improving access to the comfort and money-saving benefits of efficiency without increasing the cost of homeownership.

“The Realtor brand is all about supporting home ownership.  No one wants a client in over their heads. For federal loan products, the SAVE Act would look at mortgage costs, plus energy efficiency when available,” said Laura Stukel, NAR Green and EcoBroker Certified Realtor and Chair of Efficiency First’s Real Estate Working Group.  “At no cost to taxpayers, this legislation will help home buyers make smarter choices.  This is why Efficiency First’s Real Estate Working Group supports the SAVE Act.”

The mortgage industry traditionally has not examined energy costs in the determination of a home’s value. However, the average homeowner spends more on their energy bills than on either real estate taxes or home insurance, both of which are regularly accounted for in mortgage underwriting.

Today’s press conference will highlight the benefits of the SAVE Act in terms of improved underwriting, energy efficiency and job creation.  An Efficiency First representative is available for comment.