Cash for Clunkers - The Home Version?

Before we ever heard of Cash for Clunkers, before it revved up the economy by billions of dollars this summer, there was an entrepreneur with a vision.

Jack Hidary, 41, one of the program's architects, knew he was on to something - but getting traction in Washington wasn't easy.

"Those early days, a lot of skeptical looks in the audience," Hidary said. "But you know, we persevered."

And now, he wants to drive the concept into our living rooms - literally, reports CBS News correspondent Kelly Wallace.

"Our homes are inefficient, our homes have lots of leaks, our homes don't have great insulation, our homes have older windows," Hidary said.

Hidary believes the way to get Americans to retrofit their homes is with a new kind of municipal bond that would finance loans for improvements like weather-proofing and upgrading your heating system. Instead of paying interest to a bank, the loan is paid off over 20 years through slightly higher property taxes, but would be offset by lower utility bills - by as much as 70 percent.

The concept, which got a boost this week from former President Bill Clinton, already exists in 15 states. Hidary wants to make it national.

"We have to appeal to people's pocketbooks," Hidary said.

A Brooklyn native, Hidary lead a coalition to get fuel efficient taxis on New York City streets. Now one in six are hybrids. That success inspired Cash for Clunkers, and now loans to retrofit homes. But Hidary, who builds up and sells off start-up companies, isn't satisfied.

"My wish list is Cash for Clunkers for power plants," Hidary said.

If this visionary has his way, that program could one day come to a power plant near you.

[Marc_1986]

More wealth redistribution. Average Americans will end up footing the bill for those poor people whose homes qualify for a 'bailout'.

[culturechang]

Our new homes were built by shoddy contractors and lax local inspectors.....then slapped with a big price tag that irrational buyers accepted.

[bubbadubba]

Just what homeowners need, MORE DEBT and higher payments in addition to:
1. Increasing property taxes
2. Increasing utility bills
3. Increasing insurance costs
4. Increasing water and sewer bills
Yep, it's like a hidden home equity scam and will result in even more foreclosures.
With the price of homes still dropping you will NEVER get the money back when you sell the house.
The utility company in my area has asked for and been approved for 30% in increases in the past 4 years and is getting yet another 5% increase this year. The claim of saving enough in utility bills to pay for the improvements is a total lie. No one will save almost 100% in 10 years after you deduct the payments you make, NO ONE. With all the increased costs and wages not keeping up, where are homeowners supposed to get the extra money?
Just another scam and lie to divert our attention from the real issue.
The solution is to control profits on corporations who are ripping us off and bleeding us dry as the government reduces their taxes and looks the other way.

[nanooknw]

DID YOU READ THIS ARTICLE???

[stuart-johns]

Of course he did'nt.

[doc_holliday76]

by bubbadubba:
"The utility company in my area has asked for and been approved for 30% in increases in the past 4 years and is getting yet another 5% increase this year."
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How do you spell D-E-R-E-G-U-L-A-T-I-O-N ???

The only reason that utility companies across the country are raising their rates is because of the republican't DEREGULATION, which guaranteed no increases for a number of years that would be followed by "whatever the market would allow."

Hope you enjoy free market capitalism, republican't style!

[Marc_1986]

@doc

Actually, the utilities market is about as un-Republican as you can get... Utility companies are often state or federal backed monopolies. Definitely not the free market type.

[doc_holliday76]

"An architect for Cash for Clunkers would like to see Americans retrofit their homes with more efficient heating systems and weather-proofing."

"Our homes are inefficient, our homes have lots of leaks, our homes don't have great insulation, our homes have older windows," Hidary said.
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Despite the usual conservitard opposition since they have NO VISION for the FUTURE, this is a great idea to get the construction industry and more of the economy moving forward.

By improving the efficiency of older homes through weatherstripping, added insulation, newer efficient windows/doors, and even more efficient lighting and appliances, America would cut down tremendously on its energy usage -- homeowners would pay less in electric bills and we could stop building coal-fired electricity plants and possibly even start shutting some of them down.

This is a WIN/WIN situation, and by spending money today, we'll jump-start the construction trades and save much more money in the future!

[doc_holliday76]

This is a WIN/WIN situation, and by spending money today, we'll jump-start the construction trades and save much more money in the future!
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by jameslouiky:
"Another typical knee jerk low brow uninformed comment."
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Absolute PROOF that just another constipated conservitard without a VISION FOR THE FUTURE and only using highly-partisan politics to divide America further in their best DENIALIST diatribe, shows exactly how ill-informed the republican't miNOrity party is in the 21st century!

This is all about helping the economy out of the bush/cheney Great Recession by jumpstarting the severely depressed construction industry and making older homes more efficient so that WE use less energy and emit less greenhouse gases through dirty coal-fired plants.

Your endless DENIAL about science is one thing, but to fight a more efficient world using less energy is even more delusional!

[stuart-johns]

by jameslouiky September 27, 2009 9:59 AM EDT
Another typical knee jerk low brow uninformed comment.

Case in point George Bush HAS a eco friendly home, Al Gore champion of the left GW fear mongering crowd does not.
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Case in point you're a little behind in your history. Since the release of Gore's movie and book on global warming, the criticsm Gore faced about his eco-unfiendly home prompted him to have his entire house made as up to date and energy efficient as a home can be.

You are wrong, that's all. You made a kneejerk response to doc_holiday because he's a democrat and you a republican extremist.