NEW YORK–Purchases of energy-efficient home appliances will rise at a compound annual rate of 13 percent over the next five years, thanks to U.S. government funding for energy-efficient home renovations, according to a new study from Specialists in Business Information (SBI).
According to SBI’s report, “Energy-Efficient Home Renovations Market, Part 2: Appliances & Lighting,” recently available government funding will generate an estimated $6 billion in home-remodeling jobs by the end of 2010, all related to energy efficiency according to the provisions for this funding. Shelly Carr, publisher of SBI, predicted in a company statement that an increasing number of homeowners will take advantage of this funding to install energy-efficient appliances and lighting.
A statement from the research firm also observed that thus far, the administration of President Barack Obama has provided more money for energy-efficiency programs than in the last 10 years combined. Going into 2010, portions of the government funding will also be matched by each state, thus increasing the pool of available money for this initiative.