Energy Policy Modernization Act of 2015

Floor Speech

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Mr. BENNET. Mr. President, I wish to thank the Senator from Georgia for his tireless work on this bill. We have been at it now for 3 years, and here we are on the floor close to passing it. There is not a Senator in this body who possesses the knowledge that Senator Isakson does about real estate and how it works in the United States. It has been a real privilege to work with him on the bill.

I also wish to thank the chairwoman and the ranking member of the committee for their fine work on this bill.

It is time to enact this commonsense bill, the SAFE Act, as it is called. It is supported by groups all across the political spectrum, including the Chamber of Commerce, the National Association of Manufacturers, the Sierra Club, and the Natural Resources Defense Council.

Our amendment, as Senator Isakson said, would allow for a home's energy efficiency to be considered when a borrower applies for a loan. So when you apply for a mortgage, you can request an energy audit, and if you have a loan backed by the Federal Housing Administration, the energy efficiency of your new home and your future energy bills will be taken into account by your mortgage lender. Why is that important? Well, today, even though homeowners spend more money on energy than they do on taxes or buying home insurance, energy costs are not taken into account. And when they are taken into account, as a consequence of this bill, the savings derived from that energy efficiency can then be applied to paying your mortgage.

I want to be clear--and Senator Isakson said this--this amendment is not a mandate. It simply sets up a voluntary program.

It will create thousands of jobs in manufacturing and construction. By 2040, the estimates are that it will save consumers $1.2 billion in energy costs and save enough energy to power 100,000 homes every year.

I have heard from builders all across Colorado who support this amendment--people like Gene Myers, CEO and founder of Thrive Home Builders in Denver. He has built more than 1,000 energy-efficient homes, but he understands that we won't 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.

I urge my colleagues to support this commonsense amendment to improve energy efficiency, save money, and create American jobs.

Mr. President, I yield to the Senator from Georgia.
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