Energy Policy Modernization Act of 2015

Floor Speech

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Mr. BENNET. Mr. President, I congratulate the Senator from Colorado for moving his amendment forward.

I am here on a different subject, which is to discuss an amendment that I submitted with Senator Isakson concerning residential energy efficiency. The so-called SAVE Act has always been thoroughly bipartisan, drawing the support of Senators Isakson, Toomey, Moran, Portman, Boxer, and others, and attracted support from groups all across the political spectrum from the U.S. Chamber of Commerce all the way to the Sierra Club.

Our amendment would allow for a home's energy efficiency to be considered when a borrower is applying for a loan by making a simple change to home underwriting and appraisal standards. Specifically, when you apply for a mortgage, you can request under this legislation an energy audit, and if you have a loan that is backed by the FHA, the energy efficiency of your home and your energy bills will be taken into account by your mortgage lender. Without this change, even though homeowners spend more on energy costs than taxes or home insurance, the amount you pay each month for energy is not taken into account.

This amendment isn't a mandate. It doesn't require anything. It simply allows mortgage lenders to account for energy costs in the same way they account for taxes and insurance. It makes no sense that cosmetic improvements like new countertops increase a house's value, but an energy-efficient furnace, which will actually save homeowners thousands of dollars, does not.

This amendment will create thousands of jobs in manufacturing, construction, and energy efficiency. It will save homeowners money on their energy bills, and it will decrease foreclosure risk. It will increase the energy efficiency of our homes. It does all this by giving consumers a choice they don't today have.

I have heard from builders all across Colorado who support this amendment--people like Gene Myers, who is the CEO and founder of Thrive Home Builders. He has built more than 1,000 energy-efficient homes in the Denver area, but he understands we will not fully attain the benefits of efficiency in the market until we properly value it.

For these reasons, a large and diverse coalition supports this amendment, including the National Association of Manufacturers, the National Association of Home Builders, the U.S. Chamber of Commerce, and the U.S. Defense Council, among others.

I urge my colleagues to support this bipartisan and commonsense amendment to improve energy efficiency and create American jobs. I thank the Senator from Georgia, Mr. Isakson, for his leadership and his sponsorship of this legislation.

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