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.