Denver-based Johns Manville joined U.S. Senators Michael Bennet and Johnny Isakson in Washington, D.C., to applaud the introduction of the Sensible Accounting to Value Energy (SAVE) Act, a bipartisan bill aimed at encouraging greater investment in insulation and other forms of home energy efficiency.
“On behalf of the thousands of Coloradans whose jobs depend on vibrant insulation and energy efficiency industries, JM would like to salute Senators Bennet and Isakson for their leadership on this bill,” said Todd Raba, CEO of Johns Manville. “Incorporating energy-efficiency calculations into federal mortgage underwriting is a smart and budget-neutral way of creating real jobs and stimulating widespread economic activity.”
The Bennet-Isakson SAVE Act would direct federal mortgage agencies and the Department of Housing and Urban Development (HUD) to create a new mortgage underwriting and realty appraisal process that reflects actual homeowner energy costs, thereby stimulating greater demand for energy-efficient homes. The market-driven proposal is designed to promote cost-effective investments in home energy efficiency, while strengthening federally insured mortgages and creating as many as 83,000 jobs nationally in the construction, manufacturing and home renovation sectors.
According to statistics supplied by Johns Manville, the average homeowner spends more than $2,000 each year on energy costs -- more than on either real estate taxes or home insurance, both of which are regularly considered during mortgage underwriting. The SAVE Act would give loan agencies a more complete picture of the costs of home-ownership and borrower’s capacity to service debt.